Business - Energy

US to release 50 million barrels of oil to ease energy costs

The White House on Tuesday said it had ordered 50 million barrels of oil released from the strategic reserve to bring down energy costs, in coordination with other countries including China.

Egypt prioritises projects localising green hydrogen production: PM Madbouly

Egypt prioritises projects localising the producion of green hydrogen, especially after the selection of Sharm El-Sheikh to host the UN Climate Change Conference in 2022 (COP27), Prime Minister Mostafa Madbouy said in a meeting on Thursday.

EBRD considering $100 mln loan to accelerate climate action in Egypt

The European Bank for Reconstruction and Development (EBRD) considers extending $100 million to Egypt’s national bank Banque Misr for the sake of accelerating climate action efforts in the country.

INTERVIEW: Egypt positioned to be major regional energy hub: Eaton managing director

Egypt hosted the 30th edition of Energy Egypt – formerly known as ELECTRIX – which brings together energy producers and suppliers to showcase new technologies, innovative solutions, and potentials in the Egyptian market for energy sector investors.

Egypt considers applying automatic pricing mechanism to natural gas: Petroleum minister

The Egyptian government is currently considering applying an automatic pricing mechanism similar to the one being used for fuel pricing on natural gas in the domestic market, Minister of Petroleum and Mineral Resources Tarek El-Molla announced on Sunday.

Global energy prices to ease by 2022: Moody’s

Global energy prices are expected to soften in 2022 as the current market dislocation issues are predicted to be resolved soon, Moody’s said on Monday.

Eni make three discoveries in Egypt's western desert amounting to 50 mln barrel of oil equivalent

Italian energy group Eni made three oil and gas discoveries in Egypt's western desert with reserves amounting to about 50 million barrels of oil equivalent, Egypt's Petroleum Ministry announced on Tuesday.

Egypt’s AOI sets up 4MW solar power plant in Uganda

Egypt's Arab Organisation for Industrialisation (AOI) set up a solar energy plant in Uganda's Tororo district, a photovoltaic power station with a capacity of 4MW.

Greece vows to link Egypt's energy grid to European Union

Greece pledged Tuesday to link Egypt to the European Union's energy market with an undersea cable that would carry electricity across the Mediterranean.

Energy crunch hits global recovery as winter approaches

Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can't find fertilizer, made using natural gas. And fears are rising that Europe will have to ration electricity if it's a cold winter.

Cyprus eyes Egypt’s plants to Liquify ExxonMobil’s Glaucus-1 well’s natural gas

Cyprus considers establishing a pipeline with Egypt to transfer natural gas to the Egyptian gas liquifying plants where gas would be liquefied for export aboard ships, according to Cyprus energy minister Natasa Pilides.

Egypt to construct 500 MW wind power farm in Gulf of Suez region

The Ministry of Electricity and Renewable Energy and a multinational consortium signed two agreements on Wednesday planning a wind power farm with a capacity of 500 megawatts in the Gulf of Suez region.

Egypt constructs gas pipeline in Western Desert

Egypt has started the construction of a gas pipeline in the Western Desert with an expected capacity of 15 million cubic feet of gas per day, the head of the General Petroleum Company (GPC), Nabil Abdel-Sadek, said on Saturday.

Egypt raises fuel prices by 25 piastres per litre in periodic review

Egypt increased the fuel prices in the local market by 25 piastres* per litre of gasoline in a periodic review, the Ministry of Petroleum announced in a statement.

We seek to establish real partnership with Egypt: Algerian energy minister

Algerian Minister of Energy and Mines Mohamed Arkab said that his country looks forward to establishing a real partnership with Egypt in the energy field, noting that several oil and gas exploration tenders would be announced in the coming period.

Egypt to supply Lebanon with natural gas 'within a few weeks': Minister

Egypt is set to commence with exporting gas to Lebanon soon as part of a previously agreed upon roadmap to ease Lebanon's power crisis, the two countries' energy ministers said on Tuesday after two-day talks in Cairo.

Egypt, Saudi Arabia award $1.8 billion contracts for power linkage project

Egypt and Saudi Arabia awarded contracts to two companies on Tuesday for the implementation of a project to link their power grids and allow the exchange of up to 3,000 MW of electricity at a value of $1.8 billion.

Attaining net-zero carbon emissions globally by 2050 requires up to $20 tln: IMF

Achieving net-zero carbon emissions globally by 2050 requires additional global investments in the range of 0.6 to 1 percent of the annual global GDP over the next two decades, amounting to a cumulative $12 to $20 trillion, according to the International Monetary Fund (IMF).

Shell completes sale of assets in Egypt's Western Desert

Shell Egypt NV and Shell Austria GmbH announced that they have completed the sale of their upstream assets in Egypt s Western Desert to a consortium made up of subsidiaries of Cheiron Petroleum Corporation and Cairn Energy.

Egypt’s electricity minister arrives in Vienna for IAEA conference

The four-day conference will kick off in the Austrian capital Monday when the minister will deliver Egypt s speech on its efforts in the field of nuclear safety

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