Latest news with #AlMal
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Suez Canal Renews Incentives for Various Vessels until end of 2025
Taarek Refaat The Suez Canal Authority has renewed its decision to implement the reduction granted to chemical and other liquid tankers, loaded or empty, operating on direct voyages between the US Gulf—starting from the Port of Miami and ports located west of it within the US Gulf, and ports located south of the US Gulf on the one hand, and regions of India and its easternmost regions on the other—until December 31, 2025. A shipping circular confirmed that these incentives include granting chemical tankers operating between the US Gulf and ports west of the Indian subcontinent, starting from the port of Karachi in Pakistan to the port of Cochin in western India—a 25% reduction in transit fees. The Suez Canal is one of the most important shipping lanes in the world, as it is the shortest shipping route between Europe and Asia and one of the most important sources of foreign currency for the Egyptian economy. The incentives for tankers operating between the US Gulf and ports east of the port of Cochin, up to and including Port Klang, are being extended to a 55% reduction, while the Malaysian port of Port Klang and its easternmost regions are being granted a 75% reduction in regular fees until the end of this year. The Suez Canal Authority has also decided to continue granting chemical and other liquid tankers, both loaded and empty, operating between the ports of the east coast of North America—located north of the Port of Miami—to India and its eastern side. Ports east of the Port of Cochin up to and including Port Klang receive a 25% discount on tolls, while those operating up to and east of Port Klang receive a 35% discount on regular tolls. The Suez Canal Authority has renewed the discounts offered to loaded and empty car carriers operating directly between the ports of the east coast of the Americas and the Gulf of Mexico on the one hand, and the ports of the Far East and Southeast Asia, starting with Port Klang and its eastern side, on the other, until December 31, 2025. In a navigational circular reviewed by Al Mal, the Authority confirmed that the incentives include a 40% discount on regular tolls for car carriers operating between Norfolk and its northern side on the one hand, and Port Klang and its eastern side on the other. A further 55% discount is offered to vessels operating between the ports south of Port Klang. Norfolk on one side and the ports of Port Klang and to the east. Car carriers represent approximately 0.29% of the types of vessels transiting the Suez Canal in 2024. The Suez Canal Authority has renewed incentives offered to dry bulk vessels, both loaded and empty, operating in both directions between the ports of Mauritania and its southernmost ports in West Africa and the ports of the Arabian Gulf, India, its eastern regions, and the Far East. These incentives range from 15% to 75%, until December 2025. Dry bulk vessels represent approximately 27.3% of the total tonnage of trade transiting the Suez Canal during the first quarter of 2025. The Suez Canal Authority has decided to extend the discount granted to liquefied petroleum gas (LPG) carriers on their direct voyages, whether loaded or empty, operating between the ports of the East Coast of the Americas and the Gulf of Mexico and the ports of India and its eastern regions, until December 31, 2025. The Authority confirmed in a navigational notice on its website that the incentives include grants to LPG carriers. Loaded and empty LPG vessels operating between the US Gulf starting from the Port of Miami and the ports located to the west of it within the US Gulf, as well as the ports located to the south of the US Gulf on the one hand and the ports of western India and the Maldives up to the Port of Cochin, will receive a 25% discount on the regular transit fees. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Saba Yemen
11-02-2025
- Business
- Saba Yemen
Egypt grants Russian company petroleum concession in strategic area
Cairo - Saba: Egyptian media revealed, on Monday, that Egypt has agreed to grant a Russian company a petroleum concession in a strategic area, after the latter submitted an offer of more than $20 million. The Egyptian newspaper "Al Mal" quoted unnamed senior sources as saying in statements that the Egyptian government, represented by the Ministry of Petroleum and the South Valley Holding Company, granted the Russian company "Lukoil" the rights to exploit the "South Valley Al-Sahel" petroleum concession, west of the Gulf of Suez, by direct order. The mechanism of the direct order differs from the traditional bidding system, which allows companies to submit comprehensive offers to obtain specific concession areas, which are evaluated by the competent authorities, for acceptance or rejection. According to reports, the Russian company "Lukoil" submitted an offer to the Egyptian government that includes pumping investments worth a minimum of $22.5 million, with its commitment to drill 6 exploratory wells distributed over two periods of research and exploration. The agreement came after a meeting between the Egyptian Minister of Petroleum, Tarek El Molla, and the Vice President of the Russian company "Lukoil", Ivan Romanovsky. It is noteworthy that the Russian company "Lukoil" concession areas in Egypt include several sites, including the Maliha area in the Western Desert, where it owns a 24% stake in partnership with the Italian company "Eni", as well as the West Esh El Malaha area and its extensions in partnership with the Egyptian company "Tharwa Petroleum" with a percentage of 50% for each party.
Russia Today
10-02-2025
- Business
- Russia Today
BRICS member grants Russian oil giant exploration rights
Egypt has granted Russian oil company Lukoil the rights to explore and develop a key area for petroleum production, the newspaper Al Mal has reported, citing sources. The decision by the BRICS member comes a month after the US targeted Lukoil with fresh sanctions. The Russian oil giant will invest a minimum of $22.5 million over a period of six years into the South Wadi Al-Sahel concession, Al Mal wrote on Monday. Unlike traditional bidding processes, the concession was awarded through a direct agreement between Egypt's Ministry of Petroleum and Lukoil. Lukoil has not yet confirmed the deal to the Russian media. The reported deal comes as part of several oil and gas development projects that the Egyptian government reached agreements with foreign companies about earlier this month. Totaling approximately $225.3 million, the projects include ventures in the Western Desert and North Sinai regions. Lukoil is one of the largest publicly traded oil and gas companies in the world, accounting for around 2% of the world's oil production. It is Russia's largest privately owned company in terms of revenue. READ MORE: Trump ready to 'double down' on Russia sanctions – envoy Last month, the US imposed new sanctions on the Russian energy sector, targeting several oil firms, including Lukoil and its CEO, Vadim Vorobyov. Shortly after the restrictions were introduced, the company appointed a new CEO. Lukoil's founder, Vagit Alikperov, was placed under US sanctions in 2022, shortly after the escalation of the Ukraine conflict. The company has been active in Egypt's energy sector for more than two decades. It is currently implementing the West Esh El-Mallaha production project in the Eastern desert, in which it acts as operator with a 50% stake. The company also owns a 24% stake in the Meleiha project in the Western Desert. READ MORE: 'Find another sucker': Trump threatens BRICS with massive tariffs, but who will suffer the most? Egypt became a member of BRICS – previously comprising Brazil, Russia, India, China, and South Africa – in 2024. Alongside Egypt, the group also welcomed as members the United Arab Emirates, Ethiopia, Iran, and Indonesia. Cairo has maintained a neutral stance on the Ukraine conflict, emphasizing the importance of dialogue and a diplomatic solution.
