UAE adds oil and gas sector to business interests in Egypt - THE ARAB WEEKLY

Gas tanks at the desert road of Suez city north of Cairo (Reuters)

Sunday 06/MAY/2018

Ahmed Megahid

UAE investments in Egypt totalled $6.2 billion in 2017, up from $6 billion the previous year. 

CAIRO - Having acquired a 10% stake in the Shorouk concession in Egypt’s gigantic Mediterranean Zohr gas field in March, the UAE-based investment fund Mubadala Petroleum is preparing to explore for oil and gas off Egypt’s Red Sea coast.

Egypt has finalised seismic research off the coast and is in the process of compiling a comprehensive study off the Red Sea coast before inviting oil and gas companies — perhaps by the end of the year — to bid for concessions in the area, which is expected to hold huge mineral reserves.

Mubadala CEO Bakheet al-Katheeri, after an April 25 meeting with Egyptian Petroleum Minister Tarek el-Molla, said the company was interested in long-term cooperation with Egypt regarding petroleum and gas.

Mubadala bought the 10% stake in the Shorouk concession from Italian state-owned Eni for $934 million. Katheeri confirmed that the company had expressed an interest in upgrading Egypt’s crude oil fields.

Egypt to stop importing gas by end-2018: EGAS - DAILY NEWS EGYPT

Tuesday December 19, 2017

Ahmed Ismail

According to Vice President of the Egyptian Natural Gas Holding Company (EGAS) Magdy Galal, the company aims to stop importing liquefied natural gas from abroad by the end of next year.

According to Galal, the Ministry of Petroleum owns the bulk structure that qualifies Egypt to become a regional energy hub. It owns the Sumed pipeline which carries most of the Gulf’s oil to Europe, 9,500 km of crude oil and petroleum products transportation lines, eight refineries with a production capacity of 38m tonnes annually, and 15m tonnes of storage capacity for crude oil and products, in addition to 19 oil ports overlooking the Mediterranean Sea and the Gulf of Suez.

The infrastructure of natural gas transportation includes a main network with a total of 7,000 km, a distribution network with a total of 31,000 km, as well as 29 gas processing plants, two natural gas liquefaction plants in Damietta and Idku, and two floating units to receive liquefied gas with a capacity of about 1,300m cubic feet per day, in addition to the huge natural gas plants that were discovered in the Mediterranean Sea.

Parliament approves extending SUMED work for 27 years - DAILY NEWS EGYPT

November 20, 2017 

Mohamed Farag

Company executes oil projects with investments of $415m

The Energy and Environment Committee of the House of Representatives, headed by MP Talaat Al-Suwaidi, approved on Sunday a draft law of the government to extend the term of the Arab Petroleum Pipelines Company (SUMED).

Hisham Lutfi, representative of the Ministry of Petroleum, said that the company has established a port for liquefied natural gas vessels in Ain Sokhna, in the context of maintaining relations with investors.

During the meeting, Al-Suwaidi said that under the proposed draft law, SUMED’s terms are lengthened by 27 years, starting from the end of the term in Law No. 10 for 1992.

Egypt: FSRU BW Singapore hits LNG STS milestone - LNG WORLD NEWS

August 2, 2017

Gas shipping giant BW said its FSRU BW Singapore that is currently operating in Egypt has reached a ship-to-ship transfer milestone.

BW LNG’s first floating storage and regasification unit (FSRU) has completed its 100th STS transfer on 22 July 2017, the company said in a brief statement through its social media channels.

BW Singapore was earlier this year relocated to the port in Sumed from the port of Ain Sokhna.

The FSRU started serving as Egypt’s second LNG import terminal in October 2015 under a five-year contract with the Egyptian Natural Gas Holding Company (EGAS).

Egypt: BW Singapore FSRU moves to port in Sumed - LNG WORLD NEWS

FSRU BW Singapore

June 7, 2017

Singapore-based gas shipping giant BW said its FSRU BW Singapore has been relocated to the port in Sumed, Egypt to continue its contract with the Egyptian Natural Gas Holding Company (EGAS).

The FSRU so far served as Egypt’s second import terminal in the port of Ain Sokhna, starting full operation October 2015.

In a brief social media statement, BW’s LNG unit noted that the relocation of the FSRU, which was a business decision made by EGAS, demonstrates the flexibility to optimize operations for the charterer.

BW Singapore, serving EGAS under a five-year charter, has a storage capacity in excess of 170,000 cbm and a peak regasification capacity of 750 mmscfd.

Gov’t signs-off on USD 500 mn Sonker investment - ENTERPRISE / AL MASRY AL YOUM

 Sunday, 7 May 2017

The government signed an agreement activating the financing of Sonker’s liquid bulk terminal in Ain Sokhna, Al Masry Al Youm reported. 

Sonker is investing USD 500 mn to construct and operate a bulk-liquids terminal for the import and storage of gasoil and LPG in the third basin of Ain Sokhna Port. 

USD 320 mn of the project’s cost is being financed by IFC, EBRD and CIB. 

Amiral is providing the rest of the financing.