Egypt signs $430-million gas deal with Texas’ Noble Energy

Texas-based Noble Energy will also manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings. (AFP)
Updated 23 November 2019

Egypt signs $430-million gas deal with Texas’ Noble Energy

  • US energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings

CAIRO: Egypt said on Saturday it had signed several multimillion-dollar energy investment accords including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Company’s pipeline.
Under another agreement with Noble, which will also be financed by the US International Development Finance Corporation, the energy company will manufacture petroleum products in partnership with Egyptian company Dolphinus Holdings.
The cabinet detailed the plans at the end of an Africa investment forum held on the site of the country’s planned new administrative capital in the desert east of Cairo.
Amsterdam-based Lekela also announced the start of construction work on its West Bakr wind power plant, which will have a capacity of 250 megawatts and require a total investment of $350 million.
Lekela CEO Chris Antonopoulos said Siemens Gamesa will build the West Bakr plant in the Gulf of Suez, creating an expected 550 jobs, according to the cabinet statement.
Egypt signed an agreement with the European Bank for Reconstruction and Development (EBRD) worth $201 million to improve the Egyptian Electricity Transmission Company’s electric grid, and the lender will also finance a new asphalt production unit for the Suez Oil Processing Company worth $50 million.
The EBRD signed further deals with Sarwa Capital Holding and state-owned Banque Misr to issue 500 million Egyptian pounds ($31.13 million) in securitization bonds for the government’s New Urban Communities Authority (NUCA).
NUCA, 51 percent owned by the military’s engineering authority and 49 percent by the housing ministry, is developing Egypt’s as yet-unnamed new capital.
The International Islamic Trade Finance Corporation and the African Export–Import Bank also made available the first $100 million tranche of a $500 million loan to boost Egypt’s trade with other African and Muslim countries.


Hong Kong posts biggest airport passenger number fall in a decade

Updated 15 December 2019

Hong Kong posts biggest airport passenger number fall in a decade

  • The airport handled just over five million passengers, down 16.2 percent from a year earlier
  • Hong Kong has been gripped by sometimes violent protests since June

HONG KONG: Hong Kong International Airport reported its biggest fall in passenger numbers in more than a decade in November, official data released on Sunday showed.
The airport handled just over five million passengers, down 16.2 percent from a year earlier, Airport Authority Hong Kong said in a statement.
That was the largest fall since June 2009, when the figure fell by 18.7 percent, data on the Civil Aviation Department’s website showed.
There were falls of more than 12 percent in the three previous months, the Civil Aviation Department data showed.
Hong Kong has been gripped by sometimes violent protests since June. Demonstrators halted operations at the airport for several days in August.
The Airport Authority did not immediately comment.