Egypt

AMOC’s profits surge in H1-FY22/23 unaudited financials

The unaudited consolidated net profits of Alexandria Mineral Oils Company (AMOC) skyrocketed by 146% annually during the first half (H1) of fiscal year (FY) 2022/2023.

Sidpec targets net profits of EGP 889.6m in 2023

The board of Sidi Kerir Petrochemicals (Sidpec) approved the operating budget for 2023, aiming to achieve EGP 889.64 million in net profits.

A new chapter added to India-Egypt relations

Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone. A joint statement released by the two countries at the summit meeting said that the Indian side can arrange the master plan for the proposal.

Egypt signs $1.5 billion financing agreement with ITFC, CNBC Arabia reports

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation.

Egypt, Azerbaijan to Boost Bilateral Energy Cooperation

Minister of Petroleum and Mineral Resources Tarek El Molla met with Elkhan Polukhov, Ambassador of Azerbaijan in Cairo, to discuss ways of joint cooperation between the two countries and investment opportunities available in the field of oil, gas, and green energies in Egypt, in addition to the possibility of exchanging experiences between the two sides in these fields, the ministry said in a statement.

Sisi discusses plans to make Egypt a regional gas hub with Eni CEO

Egypt’s President Abdel-Fattah El-Sisi reviewed on Monday with Italian Eni CEO Claudio Descalzi the company’s plans for the exploration and production of gas in Egypt amid the country’s plans to become a regional energy hub, the Egyptian presidency said.

Egypt spends EGP 1.6bn to develop electricity networks in Sinai

Egypt invested a total of EGP 1.60 billion to develop electricity distribution networks in North Sinai during the period from July 2014 until the end of December 2022.

Eni announces new gas discovery offshore Egypt

Italian energy group Eni (ENI.MI) said on Sunday it had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.