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January 14, 2021 at 7:00 am | Published in: Africa, Egypt, News
A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images] January 14, 2021 at 7:00 am
Egypt has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to finance the country s petroleum imports, the Egyptian Ministry of Petroleum announced on Tuesday. The loan agreement is valued at $1.1 billion, the ministry confirmed in an official statement, adding that the fund was allocated: To fund the country s petroleum and basic goods imports for 2021.
The ministry pointed out that the deal was part of a $3 billion agreement that was signed between Egypt s Ministry of Investment and the ITFC in January 2018.
The U.S. Trade and Development Agency (USTDA) awarded grants to the Amreya Petroleum Refining Company (APRC) and Suez Oil Processing Company (SOPC) for feasibility studies to modernize each company’s refinery.
Todd J. Abrajano, Chief Operating Officer and Head of Agency at USTDA said: “These grants are a part of USTDA’s ongoing collaboration with the Ministry of Petroleum and Mineral Resource to make Egypt a leading energy hub. These grants to APRC and SOPC will increase the efficiency and profitability of their refineries, while reducing environmental impacts. USTDA’s involvement will also create significant business opportunities for American firms.”
Egypt to Invest $1.4bn Into New Offshore Exploration Projects
Posted 06/01/2021 10:02
Egypt has announced plans to explore for oil and natural gas at nine new sites in the Mediterranean and Red Sea, which will see around $1.4bn invested into the country’s offshore sector.The Egyptian Ministry of Petroleum and Mineral Resources expects to drill a total of 23 new wells across both seas.
The state’s Ministry of Petroleum and Mineral Resources announced the news, and expects to drill a total of 23 new wells across both seas. The ministry also noted that it had reached a total of 12 agreements, with just three yet to be finalised, backed by a combination of Egypt’s state-owned oil company Tharwa and a number of foreign oil majors, such as Shell and Total.
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