1st of September, 2013
Egypt Approves L.E 22.3 Billion in Economic Stimulus
Keywords: Infrastructure & Projects, Banking & Finance
Egypt’s cabinet approved on August 28 an additional $3.2 billion in spending on investment projects to revive Egypt’s battered economy over the course of the upcoming 10 months, announced Ziad Bahaa El-Din, the Deputy Prime Minister.
Bahaa El-Din stated that the government is planning to present its economic program to the Gulf States, the United Arab Emirates in particular.
It should be noted that the United Arab Emirates, Saudi Arabia and Kuwait have promised the government of Egypt a total of $12 billion in loans, grants and fuel shipments.
Ahmed Galal, Egypt’s Finance Minister, said that the government will not use the Gulf money to raise salaries or current expenditures, but will utilize it to stimulate the economy through government investment in infrastructure projects.
The government plans to invest in labor-intensive infrastructure projects, mainly on road, railways, water and sewage treatment plants, low-income housing and extending natural gas to homes and utilities in industrial areas, especially in Upper Egypt, according to Planning Minister Ashraf El-Araby.
On a related note, the government plans to extend utilities to 36 industrial zones (many in Southern Egypt) aiming to attract 4000 projects that will provide nearly 45,000 jobs.
Egypt Names New Chairman of State Oil Company
Egypt has appointed Tarek El Molla as Chairman of state-run Egyptian General Petroleum Corporation (EGPC). A move perceived by the Oil Ministry as a reassurance to the foreign oil companies operating in Egypt.
Tarek El Molla, a Veteran at EGPC and the Vice Chairman for Foreign Trade replaced Tarek El Barkatawy who was appointed in May.
This new post comes with many responsibilities; Molla will have to solve the fuel subsidies problem and work on encouraging upstream foreign investments.
Egypt Preparing Timetable for Paying Oil Debts
The Egyptian Petroleum Ministry announced on September 2 that it is currently preparing a timetable for repayment in arrears the debts it owes to foreign oil companies operating in Egypt.
This repayment proposal is being drafted in coordination with various government entities, aiming to encourage foreign companies to increase their investments in the oil exploration and exploitation activities.
It should be noted that the government has accumulated debts of several billions resulting from oil and gas purchases from foreign companies since the 2011 revolution.
Sinopec set to acquire $3.1 billion stake in Apache Egypt assets
U.S oil and gas producer Apache Corp is selling a 33 percent stake in its Egypt oil and gas business for $3.1 billion to state-owned Chinese oil giant Sinopec Group.
According to Bloomberg calculations, buying the stakes, which are located in the Western desert, a remote and unpopulated area, far from the political unrest will increase Sinopec’s production by 9%.
Sinopec and many other state-owned Chinese oil companies have been focusing their investments overseas as part of Beijing’s economic policy of expanding its global oil markets and securing energy.
Sinopec estimations revealed that Apache’s operations in Egypt contained “641 million barrels of oil and 3.79tn cubic feet of gas by the end of 2012.” (Bloomberg, 30 August 2013)
Bahaa El-Din stated that the government is planning to present its economic program to the Gulf States, the United Arab Emirates in particular.
It should be noted that the United Arab Emirates, Saudi Arabia and Kuwait have promised the government of Egypt a total of $12 billion in loans, grants and fuel shipments.
Ahmed Galal, Egypt’s Finance Minister, said that the government will not use the Gulf money to raise salaries or current expenditures, but will utilize it to stimulate the economy through government investment in infrastructure projects.
The government plans to invest in labor-intensive infrastructure projects, mainly on road, railways, water and sewage treatment plants, low-income housing and extending natural gas to homes and utilities in industrial areas, especially in Upper Egypt, according to Planning Minister Ashraf El-Araby.
On a related note, the government plans to extend utilities to 36 industrial zones (many in Southern Egypt) aiming to attract 4000 projects that will provide nearly 45,000 jobs.
Egypt Names New Chairman of State Oil Company
Egypt has appointed Tarek El Molla as Chairman of state-run Egyptian General Petroleum Corporation (EGPC). A move perceived by the Oil Ministry as a reassurance to the foreign oil companies operating in Egypt.
Tarek El Molla, a Veteran at EGPC and the Vice Chairman for Foreign Trade replaced Tarek El Barkatawy who was appointed in May.
This new post comes with many responsibilities; Molla will have to solve the fuel subsidies problem and work on encouraging upstream foreign investments.
Egypt Preparing Timetable for Paying Oil Debts
The Egyptian Petroleum Ministry announced on September 2 that it is currently preparing a timetable for repayment in arrears the debts it owes to foreign oil companies operating in Egypt.
This repayment proposal is being drafted in coordination with various government entities, aiming to encourage foreign companies to increase their investments in the oil exploration and exploitation activities.
It should be noted that the government has accumulated debts of several billions resulting from oil and gas purchases from foreign companies since the 2011 revolution.
Sinopec set to acquire $3.1 billion stake in Apache Egypt assets
U.S oil and gas producer Apache Corp is selling a 33 percent stake in its Egypt oil and gas business for $3.1 billion to state-owned Chinese oil giant Sinopec Group.
According to Bloomberg calculations, buying the stakes, which are located in the Western desert, a remote and unpopulated area, far from the political unrest will increase Sinopec’s production by 9%.
Sinopec and many other state-owned Chinese oil companies have been focusing their investments overseas as part of Beijing’s economic policy of expanding its global oil markets and securing energy.
Sinopec estimations revealed that Apache’s operations in Egypt contained “641 million barrels of oil and 3.79tn cubic feet of gas by the end of 2012.” (Bloomberg, 30 August 2013)
Egypt Approves L.E 22.3 Billion in Economic Stimulus
1 September, 2013
Keywords: Infrastructure & Projects, Banking & Finance
Egypt’s cabinet approved on August 28 an additional $3.2 billion in spending on investment projects to revive Egypt’s battered economy over the course of the upcoming 10 months, announced Ziad Bahaa El-Din, the Deputy Prime Minister.
Bahaa El-Din stated that the government is planning to present its economic program to the Gulf States, the United Arab Emirates in particular.
It should be noted that the United Arab Emirates, Saudi Arabia and Kuwait have promised the government of Egypt a total of $12 billion in loans, grants and fuel shipments.
Ahmed Galal, Egypt’s Finance Minister, said that the government will not use the Gulf money to raise salaries or current expenditures, but will utilize it to stimulate the economy through government investment in infrastructure projects.
The government plans to invest in labor-intensive infrastructure projects, mainly on road, railways, water and sewage treatment plants, low-income housing and extending natural gas to homes and utilities in industrial areas, especially in Upper Egypt, according to Planning Minister Ashraf El-Araby.
On a related note, the government plans to extend utilities to 36 industrial zones (many in Southern Egypt) aiming to attract 4000 projects that will provide nearly 45,000 jobs.
Egypt Names New Chairman of State Oil Company
Egypt has appointed Tarek El Molla as Chairman of state-run Egyptian General Petroleum Corporation (EGPC). A move perceived by the Oil Ministry as a reassurance to the foreign oil companies operating in Egypt.
Tarek El Molla, a Veteran at EGPC and the Vice Chairman for Foreign Trade replaced Tarek El Barkatawy who was appointed in May.
This new post comes with many responsibilities; Molla will have to solve the fuel subsidies problem and work on encouraging upstream foreign investments.
Egypt Preparing Timetable for Paying Oil Debts
The Egyptian Petroleum Ministry announced on September 2 that it is currently preparing a timetable for repayment in arrears the debts it owes to foreign oil companies operating in Egypt.
This repayment proposal is being drafted in coordination with various government entities, aiming to encourage foreign companies to increase their investments in the oil exploration and exploitation activities.
It should be noted that the government has accumulated debts of several billions resulting from oil and gas purchases from foreign companies since the 2011 revolution.
Sinopec set to acquire $3.1 billion stake in Apache Egypt assets
U.S oil and gas producer Apache Corp is selling a 33 percent stake in its Egypt oil and gas business for $3.1 billion to state-owned Chinese oil giant Sinopec Group.
According to Bloomberg calculations, buying the stakes, which are located in the Western desert, a remote and unpopulated area, far from the political unrest will increase Sinopec’s production by 9%.
Sinopec and many other state-owned Chinese oil companies have been focusing their investments overseas as part of Beijing’s economic policy of expanding its global oil markets and securing energy.
Sinopec estimations revealed that Apache’s operations in Egypt contained “641 million barrels of oil and 3.79tn cubic feet of gas by the end of 2012.” (Bloomberg, 30 August 2013)
Bahaa El-Din stated that the government is planning to present its economic program to the Gulf States, the United Arab Emirates in particular.
It should be noted that the United Arab Emirates, Saudi Arabia and Kuwait have promised the government of Egypt a total of $12 billion in loans, grants and fuel shipments.
Ahmed Galal, Egypt’s Finance Minister, said that the government will not use the Gulf money to raise salaries or current expenditures, but will utilize it to stimulate the economy through government investment in infrastructure projects.
The government plans to invest in labor-intensive infrastructure projects, mainly on road, railways, water and sewage treatment plants, low-income housing and extending natural gas to homes and utilities in industrial areas, especially in Upper Egypt, according to Planning Minister Ashraf El-Araby.
On a related note, the government plans to extend utilities to 36 industrial zones (many in Southern Egypt) aiming to attract 4000 projects that will provide nearly 45,000 jobs.
Egypt Names New Chairman of State Oil Company
Egypt has appointed Tarek El Molla as Chairman of state-run Egyptian General Petroleum Corporation (EGPC). A move perceived by the Oil Ministry as a reassurance to the foreign oil companies operating in Egypt.
Tarek El Molla, a Veteran at EGPC and the Vice Chairman for Foreign Trade replaced Tarek El Barkatawy who was appointed in May.
This new post comes with many responsibilities; Molla will have to solve the fuel subsidies problem and work on encouraging upstream foreign investments.
Egypt Preparing Timetable for Paying Oil Debts
The Egyptian Petroleum Ministry announced on September 2 that it is currently preparing a timetable for repayment in arrears the debts it owes to foreign oil companies operating in Egypt.
This repayment proposal is being drafted in coordination with various government entities, aiming to encourage foreign companies to increase their investments in the oil exploration and exploitation activities.
It should be noted that the government has accumulated debts of several billions resulting from oil and gas purchases from foreign companies since the 2011 revolution.
Sinopec set to acquire $3.1 billion stake in Apache Egypt assets
U.S oil and gas producer Apache Corp is selling a 33 percent stake in its Egypt oil and gas business for $3.1 billion to state-owned Chinese oil giant Sinopec Group.
According to Bloomberg calculations, buying the stakes, which are located in the Western desert, a remote and unpopulated area, far from the political unrest will increase Sinopec’s production by 9%.
Sinopec and many other state-owned Chinese oil companies have been focusing their investments overseas as part of Beijing’s economic policy of expanding its global oil markets and securing energy.
Sinopec estimations revealed that Apache’s operations in Egypt contained “641 million barrels of oil and 3.79tn cubic feet of gas by the end of 2012.” (Bloomberg, 30 August 2013)
Insights
Green Hydrogen Pipeline in Egypt
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