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CAIRO: Egypt has welcomed the UAE’s entry into the Eastern Mediterranean Gas Forum (EMGF), according to a spokesman for President Abdel Fattah El-Sisi.
Bassam Radi said the Egyptian leader had also expressed the importance of the added value that the UAE would bring to the group.
“The president welcomes the UAE s accession to the Eastern Mediterranean Gas Forum as an observer, along with the founding member states, expressing the importance of the added value that the UAE will contribute to the forum’s activities to serve strategic interests and enhance cooperation and partnership between the forum countries,” said Radi.
December 17, 2020
Cairo, Egypt – Today, the U.S. Trade and Development Agency awarded grants to the Amreya Petroleum Refining Company (“APRC”) and Suez Oil Processing Company (“SOPC”) for feasibility studies to modernize each company’s refinery.
“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,” said Todd J. Abrajano, USTDA’s Chief Operating Officer and Head of Agency. “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.”
CAIRO: The Egyptian Ministry of Petroleum is negotiating with industrial sector companies to approve settlements through which factories are obligated to pay debts owed for gas consumption.
A government source said that the Ministry of Petroleum will waive lawsuits filed against the factories and prepare to notify all companies of reconciliation in cases with the signing of settlement agreements.
The move is part of government plans to lift burdens on manufacturers, the source said.
The source added that the committee formed with the Egyptian Federation of Investors Associations and the Ministry of Petroleum will present the time period for repaying the debt during its next meeting. It is expected to range between 10 and 12 years.