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Egypt Independent
10 hours ago
- Business
- Egypt Independent
What are the gasification ships Egypt is using to avoid power outages?
Egyptian Prime Minister Mostafa Madbouly announced that his government is making great efforts to bring in gasification ships to ensure there will be no power outages this summer. During the weekly press conference following the cabinet meeting on Wednesday, Madbouly explained that: 'The Minister of Petroleum made a presentation that included the great efforts being made to bring in gasification ships to ensure there will be no power outages in summer, as we promised.' 'This summer, we will have four gasification ships, compared to one ship we had last year, so that we can secure the Egyptian state's needs for natural gas shipments.' Madbouly continued: 'On the other hand, during the summer months, there will be a lower volume of natural gas production from Egyptian fields. However, with explorations continuing until September, rates will increase, in addition to the new discoveries that we hope will emerge soon.' 'But even without these discoveries, we will return to our pre-crisis levels in terms of domestic production within less than two years. If we add the expected new discoveries, we will see an acceleration in domestic gas production and Egypt will return to its former status as a gas exporter, not just an importer.' Here's all you need to know about what 'gasification vessels' are and how they work: Gasification process Gasification is a chemical or heating process used to convert a substance into a gas, producing gaseous fuels by reacting heated carbon-containing materials with air, steam, or oxygen. This process takes place at high temperatures, and the resulting gasification product is a mixture of flammable gases, bitumen compounds, other particles, and water vapor. The proportions of the components vary depending on the gasification method, but all processes share the need to purify the gas before it can be used directly in gas engines or gas turbines. How do gasification vessels work? Gasification vessels convert liquefied natural gas (LNG) from its liquid state to gaseous form (natural gas). Natural gas is transported between countries in its liquid state, so it is transported on special ships equipped with giant turbines to cool it to minus 160 degrees Celsius, the temperature at which it turns into a liquid. The gas remains in its liquid form until it reaches the destination country. This is where gasification vessels come in. These floating terminals receive imported gas shipments and convert them from liquid form to natural gas, suitable for direct consumption. Cost of Gasification vessels The cost of a gasification vessel is approximately US$300 million, while the value of gasification vessel leases exceeds $100 million annually. Edited translation from Al-Masry Al-Youm
Egypt Independent
11 hours ago
- Entertainment
- Egypt Independent
Actress Amina Khalil celebrates wedding to photographer Ahmed Zaatar
Actress Amina Khalil celebrated her wedding on Friday to director of photography Ahmed Zaatar. Social media users circulated a video clip showing Amina Khalil during her wedding ceremony. She appeared extremely happy, expressing her joy spontaneously, amidst great interaction from those present. The video sparked joy among followers, who shared it widely, praising Amina's sincerity in that special moment. Many wished her a happy and stable married life. Khalil wore a white dress to the ceremony, while Zaatar wore a white suit, pants, and a black tie. Who is Ahmed Zaatar: Works as a photographer and is a fan of taking portraits. Known for his creative style and artistic flair in photography. Has more than 20,000 followers on his official Instagram account. His relationship with Amina Khalil began in November 2023. Started with photographing portraits of lesser-known individuals, and later moved on to photographing celebrities. Amina Khalil underwent several photoshoots with him before their engagement. Among the most famous stars he has worked with are Mona Zaki, Mohamed Farag, Asmaa Galal, Amir el-Masry, and Salma Abu-Deif. Edited translation from Al-Masry Al-Youm
Egypt Independent
5 days ago
- Business
- Egypt Independent
Economist says Egypt's debt servicing bill exceeds 50% of public spending
Economic expert Nermin Tahoun said that Egypt's debt servicing bill currently exceeds 50 percent of public spending, which poses a major challenge for the state. She added that the Finance Ministry's announcement of a primary surplus of 3.1 percent of GDP from the July 2024-April 2025 period strongly indicates improved public financial management, and provides greater confidence in the government's ability to adhere to the path of economic reform. This surplus, the highest in Egypt's history, is equivalent to nearly LE600 billion and comes at a highly sensitive time, as the global economy is experiencing inflationary pressures and a decline in capital flows to emerging markets. Tahoun explained that this achievement was made despite a decline in revenues from some vital sectors, such as the Suez Canal and the petroleum sector, while Suez Canal revenues declined by approximately 40 percent during the first quarter of 2025. This reflects the effectiveness of fiscal policies in compensating for the loss by improving tax collection efficiency and controlling public spending, she explained. Tahoun said that this surplus supports the state's ability to finance basic expenditures without the need to borrow to finance the current deficit, contributing to reducing pressure on public debt. While praising the results, Tahoun emphasized that 'achieving a primary surplus is a positive step, but the most important thing is to continue achieving it sustainably.' The government must strike a delicate balance between achieving fiscal discipline and stimulating economic growth, she said, especially since the current growth rate—estimated at between 3.5 and four percent—is still below long-term targets. Tahoun concluded by saying that the focus during the next phase should be on deepening local production, attracting foreign direct investment, and expanding the social protection umbrella to ensure that positive indicators are reflected in improved quality of life, not just overall indicators. Edited translation from Al-Masry Al-Youm
Egypt Independent
6 days ago
- Business
- Egypt Independent
US dollar in decline, stock prices suffer 3% loss.
Major stock indices fell on Friday, with the US dollar now trading sharply lower after US President Donald Trump issued his latest trade threat, recommending a 50 percent tariff on European Union imports starting June 1. He also considered imposing a 25 percent tariff on any Apple iPhones produced outside the US. America's stocks fell by three percent in late afternoon trading in New York on Friday, while the three major US stock indexes declined but were far from their session lows. European stocks closed lower. The dollar index, which measures the greenback's value against a basket of currencies, fell by 0.83 percent to 99.08, while the euro rose by 0.74 percent to $1.1364. The dollar fell by 1.07 percent against the Japanese yen, according to Reuters data. During the week, the dollar fell by 1.5 percent, heading for its largest weekly decline since mid-April. Edited translation from Al-Masry Al-Youm
Egypt Independent
6 days ago
- Science
- Egypt Independent
has Egypt entered a danger zone?
The professor of Geology at Benha University Zakaria Hamimi, discussed concerns of Egypt entering an earthquake zone following recent earthquakes off the Greek coast, felt by citizens in Egypt on May 14 and May 22. In a phone interview with TV host Amr Adib on the 'al-Hekaya' (The Story) show on MBC Masr on Saturday, Hamimi said that the source of the recent earthquakes is the Hellenic Arc region of Crete. This region is an active seismic belt, and earthquakes occur at great depth, he said, which mitigates their effects. The professor noted that 'The devastating 1992 (Cairo) earthquake had its epicenter in Dahshur, which is why its impact was so significant.' Hamimi emphasized that Egypt is completely isolated from seismic belts, assuring, 'Egypt is immune to dangerous earthquakes.' He explained that sometimes the delta's terrain amplifies the magnitude of an earthquake, which is why citizens feel it, but the earthquake's magnitude is less than that of its epicenter. Edited translation from Al-Masry Al-Youm
