Business - Energy

USAID-funded COE Energy's stakeholders meeting tackles Egypt's energy challenges

The USAID-funded Centre of Excellence for Energy (COE Energy) Egypt, led by Arizona State University, held its Stakeholder’s conference this week to address Egypt's energy transition, identifying challenges, seizing opportunities, and charting a roadmap toward energy security.

Egypt signs land access agreement for world’s largest wind farm project

Egypt signed on Wednesday a land access agreement with an Egyptian-Emirati consortium to build a 10GW capacity onshore wind farm in Upper Egypt.

QatarEnergy acquires 40% stake of two new exploration blocks offshore Egypt

Qatari state-owned QatarEnergy announced its intention to acquire two new exploration blocks offshore Egypt, the company said in a statement on Sunday.

Egypt PM witnesses inking of land deals to implement two wind electricity projects in Sohag

Prime Minister Mostafa Madbouly witnessed on Wednesday a ceremony for inking two land deals to implement two projects to establish stations for generating electricity from wind energy in west Sohag, Upper Egypt.

G7 to phase out coal-fired power plants by mid-2030s

G7 ministers agreed a timeframe Tuesday for phasing out coal-fired power plants, setting as a goal the mid-2030s, in a move hailed as significant by some environmentalists but slammed as "too late" by others.

Egypt to build EGP 550 million solar power cells at Assiut oil refinery

Egypt plans to build EGP 550 million solar power cells with 10-megawatt capacity at Assiut Oil Refining Company, the Ministry of Petroleum and Mineral Resources stated on Monday.

EBRD, Hassan Allam, Meridiam team up for developing renewable energy projects in Egypt

The European Bank for Reconstruction and Development (EBRD), in collaboration with Meridiam and Hassan Allam Utilities (HAU), the investment and development arm of Hassan Allam Holding, announced on Thursday raising capital in the new platform HAU Energy BV established to invest in renewable energy projects in Egypt and potentially in other African countries.

Saudi, Egyptian conglomerate to explore for oil in Gulf of Suez

Egypt's Minister of Petroleum Tarek El-Molla witnessed on Tuesday the signing of two agreements for oil exploration and production in the Gulf of Suez.

Egypt raises fuel prices for the first time in 2024

The Ministry of Petroleum announced on Friday the first fuel price increase of 2024, affecting various octanes and diesel.

Several countries extend oil cuts to boost prices

Several OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

Saudi extends voluntary oil cut of 1 mn barrels a day

Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices.

Russia to cut oil output by 471,000 bpd in second quarter

Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, Deputy Prime Minister Alexander Novak said Sunday.

Egypt signs 7 MoUs in green hydrogen and renewable energy with giant global developers

Egypt signed seven Memoranda of Understanding (MOUs) on Wednesday in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced.

Sisi lauds BP’s investments in Egyptian oil and gas sector

Egypt's President Abdel-Fattah El-Sisi met on Monday with BP CEO Murray Auchincloss on the sidelines of EGYPS 2024, where he lauded BP’s outstanding activities, the size and scope of its growing investments in Egypt, as well as its exploration projects in the oil and gas sector.

EGYPES 2024: Sisi highlights financing challenges for Egypt, Africa in meeting energy commitments

President Abdel-Fattah El-Sisi underscored the financing difficulties faced by African countries, including Egypt, in meeting climate and energy transition commitments.

ADNOC withdraws from Wataniya deal, TAQA Arabia among final offers

The Abu Dhabi National Oil Company (ADNOC) pulled out from the process of bidding on Egyptian Wataniya Petroleum, just as the deal was nearing its final stages, sources close to the deal told Al-Borsa News on Sunday.

ADNOC, BP to form gas joint venture to develop Egypt gas assets

UAE’s Abu Dhabi National Oil Company (ADNOC) and the global energy giant British Petroleum (BP) have agreed to form a gas joint venture (JV) to develop gas assets in Egypt, according to a statement on Wednesday.

Joint project between Egypt and Italy for electrical connection with massive investments

European countries show growing interest in Egypt's significant potential in renewable energy. Hence, Egypt can play a crucial role in supplying European markets with renewable electricity, contributing to environmental improvement, creating new job opportunities, and boosting economic growth and trade.

Egypt keen to play major role in int'l clean energy transition: Sisi

President Abdel-Fattah El-Sisi affirmed Egypt's keenness to play a major role in the international clean energy transition, which will benefit Egypt at the economic and environmental levels.

Pause in Qatar gas shipments through Red Sea poses new challenge to Suez Canal

The world's second largest liquid natural gas (LNG) exporter QatarEnergy suspended LNG shipments via the Red Sea pending “security advice” due to the ongoing escalation in the Red Sea, posing a new challenge to Egypt’s Suez Canal given its close connection to the crucial international trade route.

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