EGYPT'S ELECTRICITY INVESTMENT $6.8 BLN
AAA - Egypt's Ministry of Planning said the total investments targeted for the electricity sector during the fiscal year 19-2020 was estimated at 111.9 billion pounds ($6.8 billion), equivalent to 9.6 percent of the total investments.
Minister of Planning Dr. Hala al-Saeed said the target is to increase the production of the sector at current prices during this fiscal year to about 171.4 billion pounds compared to about 146.4 billion pounds during the year 18-2019, a growth rate of 17 percent.
The government also targets increasing production at fixed prices to about 110 billion pounds during 19-2020 compared to 105.3 billion pounds in the previous year, a growth rate of 4.5 percent.
As for the sector's output level, Saeed explained that it is intended to be increased after excluding the value of intermediate production inputs from 86.9 billion pounds in 18-2019 to 101.8 billion pounds in 19-2020 at current prices, a growth rate of 17.1 percent.
Saeed also noted that electric power is the main pillar for achieving comprehensive development in various fields of economic and social life, adding that it is also crucial for consolidating macroeconomic stability and boosting the country's foreign exchange resources.
The integrated strategy for the electricity and energy sector in Egypt until 2027 is based on several pillars, the most important of which are optimizing the use of available energy sources, diversifying the sources of electricity production while rationalizing energy and improving its efficiency, expanding the circle of electrical interconnection on all axes to achieve sustainable development, contributing to protecting the environment from pollution, preserving the right of future generations to have access to energy and encouraging local manufacturing of electric tools.
In regards to the outcomes of the policies applied during the last few years, a ministry statement said that they target eliminating the crisis of frequent power cuts and achieving a safe reserve of electric power.
They also aim at rehabilitating Egyptian companies to implement grand projects to generate electricity and provide them with the opportunity to operate abroad, in addition to training Egyptian workers to implement mega projects and develop programs to rationalize and improve the use of electric power.
2019, June, 4, 15:05:00BP SELLS EGYPT
BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dragon Oil, the Dubai-based oil and gas company. Under the terms of the agreement, Dragon Oil will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company (GUPCO).
2018, November, 2, 11:55:00EGYPT'S GDP UP TO 5.3%
IMF - Egypt's GDP growth accelerated from 4.2 percent in 2016/17 to 5.3 percent in 2017/18 while unemployment declined to below 10 percent.
2018, April, 25, 09:45:00EGYPT NEED INVESTMENT $10 BLN
REUTERS - Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said