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

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

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.


Saudi ministry sets up new firm to help generate investment in Asir region

Saudi ministry sets up new firm to help generate investment in Asir region
Updated 2 min 50 sec ago

Saudi ministry sets up new firm to help generate investment in Asir region

Saudi ministry sets up new firm to help generate investment in Asir region

Saudi Minister of Municipal and Rural Affairs, Majid Al-Hogail, issued directives to set up Asir Municipality Co. to support the municipality business activities in Asir.

Secretary of Asir region, Walid Al-Humaidi, was named as the chairman of the new firm.

The new firm, which will be solely owned by the municipality, will help provide many investments as well as development opportunities in partnership with the private sector in municipal, services and entertainment fields after thorough studies and in line with the nature of the region.

According to the municipality, the new company will boost the quality of services, in light of Saudi Vision 2030, follow up and develop the ongoing projects, in addition to setting up mega tourist destinations. It will also play a significant role in the introduction of municipality services and the implementation of mega development projects.

Additionally, Al-Hogail issued directives as regards forming the new company’s constituent board, which will include representatives from the Ministry of Municipal and Rural Affairs, Asir Development Authority in addition to two businessmen.