Business - Energy

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.

Oil prices surge on Red Sea escalation

Oil prices surged four percent on Friday after US and UK forces launched strikes against Yemen's Houthis, fueling concerns about a wider conflict in the crude-rich region.

Saudi-led consortium to invest $1.5 bln in 1.1 MW wind project in Egypt

A consortium led by the Saudi-listed water desalination company ACWA Power signed on Wednesday a usufruct agreement to invest $1.5 billion in a 1.1 MW wind project in Egypt, according to a statement by the Egyptian cabinet.

Egypt ranks 22nd in global climate change performance index

The Egyptian Cabinet's Information and Decision Support Center (IDSC) Tuesday said Egypt ranked 22nd among 63 countries in the Climate Change Performance Index (CCPI) 2024, recording 61.8 points.

Russia says redirected most oil exports to China, India

Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said Wednesday, almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.

Egypt, Saudi developer ACWA Power invest over $4 billion to develop green hydrogen project

Egypt signed an agreement with Saudi Arabia’s utility developer ACWA Power to develop a green hydrogen project in the Suez Canal Economic Zone (SCZONE) with investments exceeding $4 billion, according to a Cabinet statement on Wednesday.

Oil prices surge following Red Sea attacks

Oil prices shot up three percent Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen's Iran-backed Houthi rebels.

Mohieldin stresses interconnectedness of climate action and development goals at COP28

Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda emphasized on Tuesday his keen focus on global climate action.

Serbia opens pipeline to reduce reliance on Russian gas

A pipeline connector between Serbia and Bulgaria that will reduce Serbia's dependance on Russian gas by giving it access to Azerbaijan exports was inaugurated Sunday, Serbia's state-run RTS television reported.

Sweden, UNDP allocate $28 million to reduce poverty, emissions in Africa

The Swedish Energy Agency entered a $28.2 million agreement with the United Nations Development Programme (UNDP) to combat global carbon emissions and alleviate poverty in Africa, according to a statement by UNDP on Friday.

Debt swaps crucial for funding climate action in developing countries: Mohieldin at COP28

Mahmoud Mohieldin, UN climate change high-level champion for Egypt, emphasized the significance of implementing debt swaps as a key mechanism to finance climate and development initiatives in developing countries.

Egypt's int'l cooperation min. witnesses launch of partnership for women's climate resilience at COP28

Egypt's Minister of International Cooperation Rania Al-Mashat witnessed Tuesday the launch of an international partnership to enhance women’s ability to adapt to climate change and ensure a just, gender-responsive transition, during a high-level event at COP28 in Dubai.

Egypt’s SCZone signs agreement at COP28 to boost green energy projects

The Egyptian Suez Canal Economic Zone (SCZone) has recently signed a strategic cooperation agreement with Egypt-based Injazat Company and Chinese CHINT Global, to establish an industrial complex for green energy within the SCZone, covering a substantial area of 2 million square metres, according to a statement on Tuesday.

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