Business - Energy

European gas prices rise on fears of pause in Egypt LNG exports

European gas prices have spiked steeply due to a complex of factors, including reports that Israel had stopped exporting natural gas to Egypt, which could reduce the latter country's exports of liquefied natural gas (LNG).

EU adds Egypt-Greece electrical interconnection project to priority list

The European Union (EU) is considering a proposal to add an electrical interconnection project between Greece and Egypt to its list of Projects of Common Interest (PCIs), which will facilitate funding and issuing permits for the project.

Geopolitical tensions propel natural gas prices to 8-month high

Natural gas prices experienced a significant surge to an eight-month high due to geopolitical tensions and uncertainty stemming from the Israeli war on Gaza, which started on 7 October, according to a report by Kuwait’s KAMCO Investment Company.

Qatar announces 27-year gas deal with Italy's Eni

Qatar has agreed to supply Italian firm Eni with natural gas for 27 years, the Gulf emirate's state-owned energy company announced Monday, the latest in a series of major deals.

Intro, Siemens to build 300 MW CHP power plants in Egypt and Middle East

Intro Sustainable Resources has inked a cooperation protocol with Siemens Energy to establish a complex of highly efficient combined heat and power (CHP) plants in Egypt and the Middle East, according to a recent statement by Intro.

What risks face global energy supply as Israel escalates in Gaza?

Israel's escalating war on Gaza and fears of an imminent ground invasion could further strain global oil and gas supplies, already disrupted by the war in Ukraine, experts have warned.

Oil prices rally, stocks drop on fears of broader Middle East war

Oil prices rallied and global stocks mostly fell Wednesday on fears that the Israel-Hamas war could spill over into a regional war after the Israeli massacre at Gaza hospital dealt a blow to President Joe Biden's diplomatic drive.

Climate action investments have to hit 12% of total investments in developing economies by 2030: IMF

Investments related to climate risks mitigation have to reach 12 percent of total investments in emerging markets and developing economies by 2030, which is a significant increase from the current three percent, the International Monetary Fund (IMF) said on Tuesday.

Chevron to stop production in Mediterranean off Israel Coast

American oil giant Chevron Corp. said Monday that at Israel’s instruction, it had stopped production at its offshore Tamar natural gas rig in the Mediterranean Sea off Israel.

Saudi Arabia says will maintain oil production cuts

Saudi Arabia on Wednesday confirmed that it will maintain a production cut of 1 million barrels of oil a day through the end of the year.

Clean, healthy environment integral to human rights: Mohieldin in Geneva

Mahmoud Mohieldin, UN climate change high level champion for Egypt, said that a clean and healthy environment is essential to the human rights to life, health, water, food, housing, and a decent standard of living.

Netherlands halts extraction from Europe's biggest gas field

The Netherlands halted extraction from Europe's biggest gas field on Sunday, which resulted in earthquakes that have shaken local residents for decades and threaten to persist.

Oil giant Saudi Aramco announces first global LNG deal

Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil.

Britain approves new North Sea oil drilling in welcome news for the industry but not activists

Britain on Wednesday gave the go-ahead for a major oil and gas project in the North Sea, ignoring warnings from scientists and the United Nations that countries must stop developing new fossil fuel resources if the world is to avoid catastrophic climate change.

Egypt to launch national strategy for green hydrogen production: Electricity Minister

Egypt plans to launch a national strategy to become a leading green hydrogen producer and exporter, according to remarks by the Minister of Electricity and Renewable Energy Mohamed Shaker on Tuesday.

Egypt launches Abdul Latif Jameel Clean Air and Water Labs

Egypt's Minister of Planning and Economic Development Hala El-Said announced the launch of Abdul Latif Jameel's (J-PAL) Clean Air and Water Labs, focused on solving the most pressing air and water challenges in Africa and the Middle East.

Egypt awards four gas exploration contracts in Mediterranean, Nile Delta

Egyptian Natural Gas Holding (EGAS) awarded four exploration contracts in the Mediterranean and Nile Delta to foreign companies, with minimum investments of $281 million and $7.5 million in signing grants, according to a Tuesday statement.

IFC approves $25 mln loan to boost Egypt's sustainable flat steel manufacturing

The International Finance Corporation (IFC) has approved a $25 million loan to Kandil Steel company to support sustainable flat steel processing in Egypt and fund green projects, read an IFC statement on Monday.

Enhancing banking sector's role crucial in green economy transition and climate adaptation: Mohieldin

Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda, has underscored the imperative for banks to take a more substantial role in driving the transition to green economies through investments in climate projects.

Emirati AMEA Power to develop major renewable energy projects in Egypt

The Egyptian Cabinet approved a proposal by the Emirati renewable energy company AMEA Power to build solar and wind power projects in Egypt with 1,500 megawatts (MWs) capacity, according to a statement on Wednesday.

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