El Sokhna Refinery secures USD 1.4 bn in funding for its refinery - ENTERPRISE

Sunday, 12 November 2017

Soukhna (El Sokhna) Refinery & Petrochemicals has secured USD 1.4 bn in funding for phase one of its refinery plant from an unnamed consortium of European and Chinese lenders, company sources tell AMAY. 

The funding will cover the development of 85% of phase one, and the company plans to finance the rest through loans from local banks.

Can Egypt’s Natural Gas Production Be Doubled By 2020? - HART ENERGY / STRATAS ADVISORS

Wednesday, July 26, 2017 - 12:18pm

This excerpt is from a report that is available to subscribers of Stratas Advisors’ Global Hydrocarbon Supply and Global Upstream Project Analytics services.

Egypt is the third largest natural gas producer in Africa and holds about 65 Tcf of proved natural gas reserves, according to the BP Statistical Review of World Energy 2017. But due to Egypt’s government paying low gas prices to foreign operators, it was getting more difficult to attract investments on developing new gas projects. Therefore, natural gas production had been under rapid decline from 5.9 Bcf/d in 2011 to 4.1 Bcf/d in 2016.

With significant natural gas reserves in the country, Egypt still needs to import natural gas from neighboring countries to satisfy domestic consumption, so Egypt’s government has agreed to pay a higher price to the foreign operators and encourage them to develop new natural gas discoveries, especially fields in the deepwater Mediterranean Sea and Nile Delta.

Oil Ministry approves USD 8 bn strategy to develop petrochemicals sector - ENTERPRISE / AL MAL

Sunday, 29 January 2017

The Oil Ministry has approved a USD 8 bn strategy to develop refining facilities and the petrochemicals sector, Oil Minister Tarek El Molla told Al Mal. 

The strategy aims to upgrade machinery at existing facilities to maximize production, and build several new projects in Cairo, Alexandria, Assiut, and Suez, he added.