CI Capital-led consortium to manage Enppi IPO
The consortium of CI Capital, Jefferies International, and Emirates NBD Capital has been chosen as the investment bank to manage the initial public offering (IPO) of the Engineering for Petroleum and Process Industries (Enppi). “The Ministry of Investment and International Cooperation, the Ministry of Petroleum and Mineral Resources and NI Capital announced on Tuesday that […]
Egypt reduces International Oil Companies' arrears to $2.3 billion
Egypt has reduced arrears owed to foreign oil companies to $2.3 billion, the Egyptian oil ministry said in a statement on Thursday. The country repaid $2.2 billion in three weeks, the statement said. Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption. Cairo has pledged to eliminate […]
Egypt's energy future between reality and fantasies
Egypt is the second largest producer of natural gas in Africa after Algeria, yet Egypt’s power generation infrastructure is dependent on natural gas. More than 75% of the electricity generated in Egypt comes from natural gas plants. Egypt currently produces about 3.9bn cubic feet of gas per day and imports another 1-1.1bn cubic feet per […]
El Molla: Natural gas surplus by 2020
Petroleum Sector will sign five new deals with investments of $154m. The petroleum sector has achieved numerous developments during the current period in natural gas production. Egypt’s total production of gas reached 5 billion cubic feet per day, following a number of new discoveries. Minister of Petroleum and Mineral Wealth Tarek El Molla explains the […]
Total to start drilling at North Mahalla concession in May
Total is set to begin drilling the first exploration well in the North Mahalla onshore concession in the beginning of May, Al Shorouk reports, citing an unnamed EGAS official. According to the official, seismic scans of the concession indicate reserves of 3-5 trillion cubic feet of natural gas. This comes as the Oil Ministry is […]
Bloomberg: Swiss Court Fines Egypt $2 Billion
• Court says Egypt breached contract to supply gas to Israel. • Israel now hoping to export natural gas to southern neighbor. A Swiss court ordered Egyptian natural gas companies to pay Israel’s state-owned electricity provider $2 billion in fines for breach of previous contracts, a step that could complicate chances for the two nations […]
Egypt & Siemens to form JV boosting oil generator business
State-run Egyptian Electricity Holding and Egyptian Maintenance Company for Petroleum Services are in the process to establish a joint venture with German industrial giant Siemens, Ministry of Petroleum announced in a Thursday statement. Egyptian Minister of Petroleum Tarek el-Molla received earlier a delegation from Siemens, which involved Emad Ghaly, chief executive of Siemens Egypt; and […]
Egypt paid $2.8 billion of international oil companies’ arrears in 3 years
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said on Monday that Egypt has repaid $2.8 billion of outstanding debts to international oil companies in the last three years. El-Molla added in an interview with the Oxford research centre that the government has reduced obligations to foreign partners from $6.3 billion to $3.5 […]
McKinsey & Co. to advise Egyptian government on EGPC restructuring
McKinsey & Company has been tapped to advise the government on the restructuring of the EGPC and its subsidiaries, beating out Ernst & Young, Navigant, and a PwC and Logic Consultancy partnership, sources told Al Borsa on Tuesday. It will take a year to put together the restructuring plan, which will be funded by the […]
Saudi Aramco to resume oil product shipments to Egypt
Saudi Arabian state oil company Aramco will resume oil product shipments to Egypt some six months after halting them suddenly, the Egyptian Petroleum Ministry said on Wednesday, signaling a potential thaw in relations after months of tension. The ministry said in a statement that it was working with Aramco on a timetable for the resumption […]