Egypt reached a preliminary agreement to import 2mn barrels of crude oil from eastern Libyan fields under the control of the internationally recognized government based in Tobrouk, Al Mal newspaper reported.
Egypt will purchase the Libyan oil at an estimated $2.5 per barrel discount in exchange for rehabilitation services to bombed Libyan fields and destroyed oil pipelines. The Libyan oil is to be refined at Egyptian refineries mostly for in domestic consumption and be paid for after one-year. The supply of crude from Libya at a discount aims to cut Egypt’s import bill for crude oil as well as refined products contributing to narrowing of the yawning gap in merchandise trade.
Russia has confirmed its interest in strengthening energy cooperation with Libya and resumed the activities of the Joint Governmental Committee, targeting a bigger share in energy projects in the ... more
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more
PowerChina has signed an engineering, procurement, and construction (EPC) contract with Suez Wind Energy to build the 1.1GW Suez Wind Project in Egypt's Red Sea Governorate, China Daily reported on ... more