Egypt's Sisi to fly to Nicosia Monday for tripartite summit with Cyprus, Greece - AHRAM ONLINE

SISI, TSIPRAS, ANASTASIADES, DECEMBER 2015,ATHENS

Friday 17 Nov 2017

President Abdel-Fattah El-Sisi is set to fly to Cyprus on Monday to participate in a tripartite summit between the two states and Greece.

State agency MENA said the upcoming summit would include talks on coordinating stances, as well as boosting cooperation between the three countries as regards politics, economics and trade, security, and tourism.

The meetings will also include discussions on regional issues, including the Syrian and Libyan crises, and combating terrorism and extremism.

The upcoming tripartite meeting will be the fifth such meeting between El-Sisi, Cypriot President Nicos Anastasiades, and Greek Prime Minister Alexis Tsipras in recent years.

ADES wins contract for ADMARINE III jackup with Egypt's GPC - WORLD OIL

11/16/2017

LONDON -- ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, is pleased to announce that it has been awarded a new contract for its ADMARINE III offshore jackup rig.

The contract was awarded by General Petroleum Company (GPC), the first national oil company in Egypt. The contract entails an initial two-year engagement of ADMARINE III with an option to extend for a further two-years. No significant additional capex is anticipated for the ongoing deployment of the rig.

Maridive & Oil Services wins $20m contract to provide services at Zohr - ENERGY EGYPT

November 16, 2017

Maridive & Oil Services signed a USD 20 million agreement with an unnamed Egyptian company to lease three maritime units to provide maritime and oil services at the Zohr gas field, Al Mal reports.

Maridive & Oil Services (MOIL) announced in a statement sent to EGX, maritime support sector has won a new contract with one of its clients in Egypt worth $20 million.

The deal encompasses leasing 3 maritime units to present maritime petroleum service in Zohr field in North Delta.

The Company said the contract would be signed by the end of the current year for 3 years, adding the total signed contracts of the company are amounting to $370 million from 2017 till 2019.

ADES, Vantage Drilling form JV to provide deepwater drilling services in Egypt - WORLD OIL

11/15/2017

LONDON and DUBAI -- ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has announced that its subsidiary ADES S.A.E has entered into a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International (Vantage).

The new JV company will leverage Vantage’s world-class offshore deepwater drilling experience and ADES International’s leadership position within the Egyptian offshore drilling market to provide deepwater drilling services in Egypt’s Mediterranean basin.

The agreement will enable ADES to generate additional revenue without incurring the significant capital expenditure associated with deepwater drilling. As part of the JV, Vantage will gain access to the attractive Mediterranean basin, optimize access to local workforces and service providers and increase the marketability of its ultra-deepwater fleet.

Eni's Giant Gas Field Prompts Egypt to End Imports in 2018 - BLOOMBERG

November 15, 2017, 9:52 AM GMT+2Salma El Wardany — With assistance by Hussein Slim, Fatma Abusief, and Tracy Alloway

• Zohr field will start production at 350,000 cubic feet a day
• New gas laws to be adopted in days: Oil Minister El-Molla

Egypt's El-Molla on Zohr Gas Field, Attracting Investors

Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek El-Molla said.

Zohr’s output will mostly supply the domestic market, and the nation’s two existing gas-liquefaction facilities are large enough to process any available surplus into LNG for international sale in 2019, El-Molla said Tuesday in an interview in Abu Dhabi. If Zohr and other gas fields generate enough supplies, Egypt may consider adding a third LNG-exporting terminal, he said.

Russia's Rosneft says to invest over $2 bln in Egypt's Zohr in 2018-2021 - REUTERS

NOVEMBER 14, 2017 / 2:29 PMReporting by Polina Devitt; writing by Vladimir Soldatkin; Editing by Christian Lowe

MOSCOW - Russia’s largest oil producer Rosneft will invest more than $2 billion in Egypt’s Zohr gas field in the next four years, the company said in a presentation on Tuesday.

It also said the production plateau at the field, where Rosneft may increase its stake to 35 percent, is seen at 29 billion cubic metres of gas a year. 

Gov’t will only approve gas imports from Israel after disputes are resolved -El Molla - ENTERPRISE

Tuesday, 14 November 2017

The government will not issue permits to companies to import natural gas from Israel until the arbitration cases between Egypt and Israel are resolved, Oil Minister Tarek El Molla said, according to Reuters. The government will sign off on agreements to import from our eastern neighbor only once the disputes are resolved and under the condition that the agreements “add value,” El Molla say. “Delegations [from Israel] are healthy as it means there are discussions and negotiations, but they have to meet the conditions put by the government as that is only fair,” he says. “In 2015, the International Chamber of Commerce ordered Egypt to pay USD 2 bn in compensation after [an agreement] to export gas to Israel via pipeline collapsed in 2012 due to attacks by insurgents in Egypt’s Sinai peninsula,” the newswire notes.

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.

Fuel subsidy spending rises 68% y-o-y in 1Q2017-18, El Molla says - ENTERPRISE

Sunday, 12 November 2017

Fuel subsidy costs rose 68% y-o-y to EGP 23.5 bn in 1Q2017-18, up from EGP 14 bn in the same quarter of the previous fiscal year, Oil Minister Tarek El Molla told reporters yesterday, Reuters reports. The minister reaffirmed that the government would not raise fuel subsidies again during this fiscal year, but said gasoline subsidies will be lifted altogether within five to ten years; some form of subsidy will remain in place for diesel fuel and gas cylinders, according to Ahram Online. The partial lifting of fuel subsidies since November 2016 has trimmed EGP 4 bn off the state’s expenditures this year, El Molla says. As we noted previously, the government is projecting that spending on fuel subsidies this fiscal year will record EGP 110 bn.

Court orders East Mediterranean Gas Company to pay $174 mln in debt to Egypt's National Bank- AHRAM ONLINE

Sunday 12 Nov 2017

El-Sayed Gamal El-Din

Egypt's Court of Cassation has rejected an appeal by the East Mediterranean Gas Company against a 2016 ruling obliging the company to pay off $174 million in debt to Egypt's National Bank.

The company was founded and previously headed by Mubarak-era business tycoon Hussein Salem.

The court did, however, accept an appeal by Egypt Insurance Company, which was also involved in the case.