Energy Business News

More
Energy
Sisi approves framework deal with China
President Abdel Fattah El Sisi has issued a decree approving a framework agreement between the Ministry of Trade and Industry and the Ministry of Investment on one hand and the Chinese National Development and Reform Commission (NDRC) and the Ministry of Trade on the other hand.  The agreement, signed in Beijing on September 2, 2015, aims at promoting economic development and cooperation in the field of productive energy.  The agreement also seeks to foster cooperation between Cairo and Beijing in the areas of trade and innovation.  The decree no. 229/2016 was published in the official gazette on Saturday.   Source: http://www.egypttoday.com/Article/3/63911/Sisi-approves-framework-deal-with-China
Energy
Ministry of Planning, Qalaa Holdings, Nile University sign protocol to boost renewable energy production
The Ministry of Planning, Monitoring, and Administrative Reform signed a tripartite cooperation protocol on Saturday with Qalaa Holding, and Nile University, to maximize the renewable energy sector, through cooperation between the public and private sector. The protocol was signed by Osama Madi, head of the Central Administration for Financial and Administrative Affairs, representing the Ministry of Planning, Heba La­bib, head of Innovation Sector, Nile University, Qalaa head of Marketing Communications, and CMO, Gha­da Hammouda in the presence of Nada Massoud, advisor to the min­ister of planning for economic affairs. The Minister of Planning, Monitor­ing, and Administrative Reform, Hala Al-Saeed, said that the signing of the protocol came within the framework of the ministry’s efforts to imple­ment the “Sustainable Development Strategy: Egypt Vision 2030” goals to maximize the renewable energy sec­tor’s share in energy production, and achieve energy security, through the participation of the private sector. Furthermore, Hammouda emphasized the importance of cooperation between the public and private sec­tors in order to achieve sustainable development. Egypt aims to diversify its energymix by increasing reliance on renew­able energy, especially wind and solar energy, by increasing the contribution of solar energy from the current 8% to 16%, wind energy from the present 1% to 14%. Qalaa Holdings Chairperson and Founder, Ahmed Heikal, explained the size and diversity of the company’s in­vestments in the energy sector such as the Egyptian Refining Company with investments of $4.3bn, which is the largest project implemented in cooperation between the public and private sectors, as well as the con­tribution of TAQA Arabia, one of its subsidiary companies in the construc­tion of a solar power plant capacity of 50MW in the Benban solar power complex in Aswan. Moreover, Hisham El-Khazindar, co-founder and managing director of Qalaa Holdings, said that the compa­ny’s management has taken a decision over the years to focus on a number of key sectors that are of strategic importance, rather than maintaining a portfolio of large projects represent­ing many sectors. El-Khazindar expressed his pride in participating in the preparation of the research study, which is expected to play a key role in the development of the renewable energy sector in Egypt during the coming period   Source:  https://dailynewsegypt.com/2019/01/19/ministry-of-planning-qalaa-holdings-nile-university-sign-protocol-to-boost-renewable-energy-production/
Energy
Egypt-Korea sign agreement to produce fuel from waste
Egypt signed an agreement on Friday with JST, a leading Korean company in the field of solid waste conversion technology to alternative fuels, to create waste recycling plants to produce alternative fuels instead of coal for cement plant furnaces. The signing ceremony was witnessed by Minister of State for Military Production Mohammed al-Assar. The agreement is a protocol of cooperation between the National Organization for Military Production and the Korean company. The Executive Director of JST stressed the importance of cooperation with the military production companies due to the quality and excellence of its products according to international quality standards. He added that the availability of technological capabilities and qualified human cadres, and the Ministry’s participation in many developmental and national projects currently being witnessed in Egypt, is what made his company cooperate with the Ministry. He said that he is confident that this cooperation would be successful in implementing projects that would benefit both sides in the field of waste recycling and access to renewable energy sources. The ministry said in a statement that this cooperation comes within the framework of its strategy of working with international companies to transfer modern technologies to Egypt.   Source: https://www.arabfinance.com/en/news/details/egypt-economy/470882
Energy
Egypt signs $2.3 billion power plant deal with Saudi ACWA Power
Egypt signed a deal with Saudi Arabian utility developer ACWA Power on Thursday to build a $2.3 billion power plant in the country’s south, the Egyptian electricity minister said. The plant, which will have a capacity of 2,250 megawatts (MW), will be built in Luxor province, the minister, Mohamed Shaker, told a news conference. He said the facility is expected to be operational by 2023 at the latest. Egyptian President Abdel Fattah El-Sisi opened three new power stations in July built at a total cost of 6 billion euros ($7 billion) as part of the country’s plans to plug a gap in power generation and fuel its development drive. Acute power shortages in the years immediately following Egypt’s 2011 uprising led to frequent summer blackouts and cuts to industrial output. The new projects initiated in 2015 are part of an 8 billion euro deal to boost electricity generation by 50 percent through new gas and wind power plants.    Source: https://af.reuters.com/article/investingNews/idAFKCN1N65CM-OZABS
Energy
Egypt gas output expected to reach 8 billion cubic feet/day in 2019/2020: Petroleum minister
Egypt’s natural gas output is expected to reach 8 billion cubic feet per day during the fiscal year 2019/2020, after the completion and operation of developmental gas field projects nationwide, the petroleum minister has said. In a press statement released on Saturday, Petroleum Minister Tarek El Molla said that the forecasted “unprecedented production is a direct result to the successful strategy of the ministry anchored by political and economic stability in the country.” He added that the success in security, the strategic needs of natural gas, and the accomplishments made in gas field discoveries and petroleum and gas production has contributed in sustaining the power supply to the local market and economic and production fields.  Saturday's figure comes a few months after officials said that the country’s natural gas output had risen to 6.6 billion cubic feet per day after an increase in production at its mammoth Zohr offshore gas field. Egypt aims to become a regional gas hub for the trade of liquefied natural gas through major gas discoveries in recent years, including the Zohr gas field, which holds an estimated 30 trillion cubic feet of gas.  It has announced plans to start exporting gas in 2019 through output from other newly discovered gas fields.  Egypt said it achieved self-sufficiency in natural gas consumption in September last year due to the gradual increase in local production and the plan to develop major gas fields in the Mediterranean.    Source: http://english.ahram.org.eg/NewsContent/3/12/322430/Business/Economy/Egypt-gas-output-expected-to-reach--billion-cubic-.aspx