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Tag: Investment

DEA eyes increasing investment in Disouq, Gulf of Suez

Posted: January 10, 2018 at 5:20 pm   /   Oil & Gas

Germany’s DEA Group planned to pump more investments in Gulf of Suez and Disouq regions in Egypt, CEO of the group Maria Moraeus Hanssen said Wednesday. In a meeting with Minister of Petroleum Tarek El-Molla, Hanssen stated that Egypt is now an attractive investment destination especially after latest gas production from new fields, such as […]

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Zohr will help place Egypt in league of world’s major energy producers

Posted: January 9, 2018 at 2:07 pm   /   Oil & Gas

How 2018 will shape up for Egypt. The year has started on a positive note for the most populous Arab nation, but much needs to be done to end it on a high. Record numbers of tourists strolling in the shadows of Luxor’s towering monuments, a possible resumption of flights between Cairo and Moscow, and […]

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ACWA Power reaches financial close for three solar plants in Benban

Posted: January 9, 2018 at 1:10 pm   /   Renewables

ACWA Power’s three Solar PV projects for 165.5MWp under Round 2 of Egypt FiT program II reaches financial close. • ACWA Power has reached financial close of three solar photovoltaic power plants in Benban under Round 2 for 165.5MWp total capacity within the Feed-in-Tariff (FiT) program. • ACWA Power had signed the Power Purchase Agreement […]

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New offshore natural gas discoveries key for many long-term investors

Posted: January 8, 2018 at 1:52 pm   /   Oil & Gas

Encouraged by Egypt’s economic reforms, a major gas find, streamlined business rules and a devalued currency, investors are increasingly optimistic about prospects for the North African country after years of political turmoil. Foreign holdings of Treasury bills hit a record high in December, foreign inflows into the stock market last year were the highest since […]

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Siemens Gamesa lands 262 MW supply of wind turbines for Ras Ghareb farm

Posted: January 4, 2018 at 3:54 pm   /   Renewables

Siemens Gamesa nabs 262-MW order in Egypt Wind turbine manufacturer Siemens Gamesa Renewable Energy SA today announced a 262-MW order for the Gulf of Suez wind farm in Egypt. The order, signed in the final quarter of 2017, was secured from a consortium made up of French utility Engie, Japanese power companies Toyota Tsusho Corp […]

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Egypt to build MENA's largest wind farm in the Gulf of Suez

Posted: January 4, 2018 at 1:23 pm   /   Renewables

In an effort to boost renewable energy in Egypt and establish Egypt as a leading player in environmental development, the Ministry of Electricity and Renewable Energy initiated a 5 billion pounds project to build the largest wind farm in the Middle East, located in the Gulf of Suez, funding the project through investments of several […]

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Egypt's EFG Hermes targets managing renewable energy projects

Posted: December 26, 2017 at 12:00 pm   /   Renewables

Egyptian investment bank EFG Hermes aims to manage renewable energy projects totaling 400-500 megawatts in the north African country in the coming three years, said the bank’s energy head Bakr Abdel Wahab. EFG Hermes, one of the largest investment banks in the Middle East, is currently active in the renewable energy sector in Europe through […]

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Acumen files lawsuit over inaccurate fair value study of Egypt Gas

Posted: December 18, 2017 at 2:10 pm   /   Oil & Gas

Egypt-based investment bank Acumen Holding has filed a lawsuit on Saturday in a Cairo economic court against the country’s market regulator, stock market, and Osool for Financial Consulting. The lawsuit is seeking to abolish ‘unfair’ assessment study that set Egypt Gas Company’s fair value at 175 Egyptian pounds ($9.79), Acumen said, citing violations of the […]

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BASF and DEA agree on multibillion oil & gas merger to spur expansion

Posted: December 9, 2017 at 2:38 pm   /   Oil & Gas

Chemical giant BASF agreed to merge its oil and gas unit Wintershall with DEA, a vehicle of Russian billionaire Mikhail Fridman, to create one of the largest independent oil and gas firms in Europe, the companies said. Fridman and his partners in the LetterOne investment vehicle made billions by selling their Russian oil empire in […]

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ExxonMobil eyes Egypt's offshore oil and gas sector

Posted: December 4, 2017 at 2:33 pm   /   Oil & Gas

ExxonMobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, […]

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