Business - Energy

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.

Kuwait’s KUFPEC acquires 40 percent in Shell Egypt’s Nile Delta offshore block 3

Kuwait Foreign Petroleum Exploration Company (KUFPEC) signed an agreement with BG International, a subsidiary of Shell, to acquire 40 percent of Shell Egypt’s Nile Delta offshore block three.

UN climate champion Mohieldin urges reforms in global finance system, MDBs policies

Mahmoud Mohieldin, the UN climate change high-level champion for Egypt, has urged reforms in the global finance architecture supported by a swift change in the policies of multilateral development banks (MDBs).

Africa Climate Summit creates unified African voice on development, climate action: Mohieldin

The Africa Climate Summit (ACS) has contributed to creating a unified African voice that expresses the priorities of development and climate action in the continent at different international forums, foremost of which are the UN meetings in New York and COP28 in Dubai, stated Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN special envoy on Financing the 2030 Sustainable Development Agenda.

Egypt’s 1st-ever climate investment forum aims to transform financing ahead of COP28

Prime Minister Mostafa Madbouly inaugurated on Tuesday the first-ever Environmental and Climate Investment Forum in Egypt, heralding a new approach to green investment that links mitigation, adaptation, and climate financing.

Fossil fuel demand to peak this decade: IEA chief in FT

World demand for oil, gas and coal is forecast to peak this decade for the first time as the use of cleaner energy and electric cars accelerates, the International Energy Agency's chief wrote Tuesday in the Financial Times.

Czech imports of Russian oil grow despite EU ban

Russia's share of total Czech oil imports grew in the first half of this year despite EU restrictions, an oil transit company said on Monday.

Saudi Arabia, Russia plan to extend 1.3 mln barrel a day oil cut through the end of the year

Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

Financing is a ‘bottleneck’ issue for climate action: Egypt PM at Africa Climate Summit

Financing remains the "critical bottleneck" confronting Africa and developing nations as they strive to viably realize their aspirations of tackling the climate crisis, said Egyptian Prime Minister Mostafa Madbouly on Tuesday in his speech at the Africa Climate Summit (ACS) in Kenya.

African carbon markets necessary for climate action in continent: Mohieldin

The African Carbon Markets Initiative (ACMI) is one of the most important mechanisms for financing climate action in Africa, UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin confirmed on Monday.

Cyprus, Israel, Greece to focus on energy cooperation

Cyprus, Greece and Israel agreed at a summit in Nicosia on Monday to deepen their regional energy cooperation to focus on exports to Europe, especially natural gas and renewables.

Eni, partners pledge $7.7 bln investment in Egypt over four years

Italian energy giant Eni announced intentions to invest $7.7 billion in Egypt over the next four years to develop the company's exploration and production operations in the country, a statement by the Egyptian Presidency cited Eni's CEO Claudio Descalzi as saying on Sunday.

Egypt plans to drill 45 exploratory gas wells in Mediterranean, Delta until mid-2025

The Egyptian government announced a plan to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to a Cabinet statement on Tuesday.

BP to invest $3.5 bln in gas exploration in Egypt over three years

Global energy giant British Petroleum (BP) is planning to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years, CEO Bernard Looney stated on Monday.

Cheiron Petroleum Corporation announces new discovery in Egypt

Cairo-based Cheiron Petroleum Corporation announced a new oil discovery in Egypt's Geisum and Tawila West Concession in the Gulf of Suez, according to a statement by the Ministry of Petroleum and Mineral Resources on Tuesday.

US energy company Apache Corporation pledges $1.4 bln investments in Egypt next year

The US-based energy company Apache Corporation plans to invest around $1.4 billion in Egypt in 2024, stated John Christmann, CEO and President of Apache's parent company APA Corporation, during a meeting with Egyptian Prime Minister Mostafa Madbouly.

Serbia will increase supplies of Russian natural gas to Hungary if Ukraine pulls out of transit deal

Serbia will provide Hungary with increased shipments of Russian natural gas if Ukraine follows through on ending a gas transit agreement with Russia, Hungary's foreign minister said Sunday.

'Fuel of the future': Gulf states bet on 'green' hydrogen

After riding the fossil fuel boom for decades, Gulf Arab states are eyeing "green" hydrogen as they try to transition their economies and ease the climate crisis at a stroke.

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