oil
Egyptian President Abdel Fattah El Sisi directed the regular payment of financial dues to companies contracted with the state in the petroleum and gas sector.
He instructed the Ministers of Petroleum and Health to prioritize collaboration with Azerbaijan in these areas, in line with Egypt’s broader strategy to deepen partnerships and foster growth in critical industries
President Abdel Fatah El-Sisi received Monday CEO of ENI Claudio Descalzi.
The Egyptian state seeks to establish the country as a regional center for trading and exporting gas and energy in the Eastern Mediterranean region.
Minister of Petroleum Karim Badawi met Thursday with a delegation from the U.S. company Falco Energy to discuss new excavations.
Egyptian Minister of Petroleum and Mineral Resources Eng. Karim Badawi, met Wednesday with new Iraqi Ambassador to Cairo Dr. Qahtan Taha Khalaf, where both discussed ways of enhancing joint cooperation in the fields of oil and gas.
President Sisi commended the company's work in the country over the past three decades.
This comes as part of a consortium partnership with a leading local Exploration and Production (E&P) player to operate and enhance production in key oil brownfields in Egypt.
Furthermore, these draft laws include authorization for the Minister of Petroleum and Mineral Resources to contract with the EGPC and HBS International Egypt Limited. The aim is to amend the commitment agreement for oil exploitation in the southwestern El Alamein region in the Western Desert.
Foreign investments in the sector reached $5.6 billion in 2022/2023, compared to $4.7 billion in prior year.
Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the petroleum sector, in collaboration with its global partners, is working to boost production rates and increase oil and gas reserves.
The Egyptian government highlighted Monday that LE1.2 trillion had been invested in the oil and gas sector between 2014 and 2023.
As one of the few countries to do so, Egypt engages directly in the oil derivatives market to lock in supplies, wrote Bloomberg
The company expects to close the transaction by the end of 2023.
GAFI will make it mandatory for the 2,400 oil companies operating in Egypt's investment and free zones to deliver their waste to Petrotrade.
Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba held a meeting Wednesday with the representatives of Mytilineos Holdings.
This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
He added that the plan also includes approving the development of oil factories, which are being offered, noting that Egypt's reserves of oils are sufficient for 4.9 months.
The government is looking to expand the production of crude oil locally by increasing the cultivation of oil crops, by providing the required seeds, as well as encouraging contract farming with the aim of providing products to citizens.
