Latest news with #Madbouly
Egypt Independent
11 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
Middle East
a day ago
- Business
- Middle East
OPEN// Marine ambulance service inaugration among key Cabinet activites this weekhe Prime Minister this week."
CAIRO, May 30 (MENA) - The cabinet's media center published Friday infographics on social media, highlighting the key activities of Prime Minister Dr. Mostafa Madbouly during the current week. The premier's busy agenda included meetings, visits, tours, and inaugurations of national projects. The infographics showcased the prime minister's participation in the celebration of the 123rd anniversary of the launch of ambulance service in Egypt, during which he announced the inauguration of maritime ambulance service for the first time. It was noted that there has been significant recent attention given to the ambulance system, culminating in the signing of the largest deal for ambulance vehicles with 1,000 units in a single batch. He also conducted an inspection tour to follow up on the implementation status of several housing and utilities projects in the cities of 6th of October, Sheikh Zayed, and New October and handed over housing contracts as part of the presidential initiative "Housing for All Egyptians" in New October. The prime minister participated in the opening session of the 2025 US-Egypt Policy Leaders Forum, noting that more than 1,800 American companies operate in Egypt, with total investments exceeding $47 billion over the past two decades. Madbouly also met with the Vice President of ExxonMobil for Exploration Affairs to review the status of the "Cairo" and "Masry" natural gas concession areas in the Mediterranean, directing that procedures be facilitated to accelerate drilling operations. In a meeting with the Awqaf minister, several work files were reviewed. The premier directed a comprehensive, digitized inventory of the Awqaf Authority's properties. The meeting also addressed the results of the 'Return of the Kuttab' initiative, the launch of the 'Electronic Endowments Platform,' and the progress of the 'Correct Your Concepts' initiative. The prime minister also reviewed the progress of the subsidy system and its governance measures, including the issuance of a unified card to around 42,000 beneficiaries out of 171,000 subsidy cardholders in Port Said. He met with the head of the Suez Canal Economic Zone (SCZone) to review recently contracted projects. These included a $17 million investment by China's Hightex Company and a $60 million investment by China's Kinlead Innovative Materials Company, in addition to the signing of four commercial contracts to export ductile pipes for major international projects in several Arab countries, totaling $47 million. The prime minister also received a delegation from Samsung, headed by the CFO of the company's Middle East regional headquarters. It was noted that Samsung's factory in Beni Suef is its first in the Middle East and Africa, with an annual production capacity of 6 million units and $700 million in investments. He attended the 120th anniversary celebration of the founding of the Heliopolis Company for Housing and Development and inaugurated the renovation and development works at the Granada Palace. He also witnessed the signing of a partnership between the Holding Company for Pharmaceuticals and the American company "Dawah Pharma" to manufacture and export pharmaceuticals and dietary supplements to global markets. The partnership includes plans to expand the holding company's exports and enter the US market for the first time. The infographics also included a meeting to review proposals aimed at reducing debt as a percentage of the gross domestic product. The premier emphasized continued efforts to boost the country's foreign currency reserves from various sources. Finally, the prime minister inaugurated the new headquarters of the Consumer Protection Agency in New Cairo. His activities also included an inspection tour of several ongoing projects in the Capital Gardens City. (MENA) Y R E/R G E
Egypt Independent
2 days ago
- Business
- Egypt Independent
PM: State Continues Cooperation with Partners to Capitalize on Promising Chances in Energy
Prime Minister Mostafa Madbouly affirmed that the state continues to pursue its approach of maintaining cooperation with partners to ensure the best use of promising opportunities in Egypt's energy sector, serving the mutual interests of all parties. He emphasized the government's ongoing efforts to take necessary measures to ensure this. These statements came during the weekly Cabinet meeting chaired by the premier on Wednesday May 28, 2025. He highlighted the recent activities of President Abdel Fattah al-Sisi, including his meeting two days ago with the delegation of American businessmen participating in the Egypt-US Economic Forum, held in Cairo. The president also met with the president of the US Chamber of Commerce, the chairman of the US-Egypt Business Council, and the chairman of Apache Corporation, in addition to representatives of various American companies. Madbouly noted that during these meetings, President Sisi emphasized Egypt's readiness to collaborate with the US business community and investors in all areas of mutual interest. The president also expressed Egypt's aspiration to establish a US industrial zone in the Suez Canal Economic Zone, affirming the country's willingness to provide the necessary facilities to American investors. The prime minister reiterated the government's welcoming stance toward US investments, expressing its readiness to offer needed support and remove any obstacles to ensure the success of American companies and investors in Egypt. This aligns with the government's ongoing efforts to empower the private sector and broaden its role in driving economic development. In this context, Madbouly mentioned that President al-Sisi's meeting with the CEO of Shell Global, during which the president emphasized Egypt's efforts to improve the investment climate and address any challenges investors might face. He also stressed the government's keenness to honor financial commitments of companies in order to build mutual trust. The prime minister also referred to his meeting with the vice president of ExxonMobil for Exploration, noting that the government expressed its willingness to provide all possible support and incentives to the company to accelerate drilling operations in the 'Cairo' and 'Masry' concession areas. At the beginning of the Cabinet meeting, the prime minister extended his congratulations to President Sisi, the Egyptian people, members of the government, and all civil servants on the occasion of the beginning of Dhu al-Hijjah and the upcoming Eid al-Adha, praying that the blessed occasion brings prosperity and blessings to Egypt and the entire Arab and Islamic nations. In light of the upcoming Eid holiday, Madbouly emphasized the need for all state agencies and local authorities to be fully prepared, ensuring the provision of various public services during the holiday. He stressed the importance of readying parks, public gardens, tourist sites, and archaeological areas to welcome citizens during the Eid holiday, in addition to the preparedness of utilities and service departments. He underscored the continued operation of markets, exhibitions, and mobile outlets to provide essential and strategic goods to citizens at reasonable prices, particularly through the 'One-Day Market' initiative, suggesting its expansion to cover more areas across the governorates. Madbouly instructed the ministers of supply and internal trade, agriculture and land reclamation, petroleum and the governors to take all necessary measures to ensure the availability of strategic goods and petroleum products across the country especially in coastal areas with intensified daily monitoring throughout the holiday to meet citizens' needs.
CairoScene
3 days ago
- Business
- CairoScene
1,800 US Companies Invested USD 47 Billion in Egypt Over 20 Years
Prime Minister Dr. Madbouly highlights US investment during the 2025 US–Egypt Policy Leaders Forum in Washington D.C. May 29, 2025 More than 1,800 American companies have invested a combined USD 47 billion in Egypt over the past two decades, according to Prime Minister Mostafa Madbouly during his remarks at the 2025 US–Egypt Policy Leaders Forum. Speaking to US business leaders including US Chamber of Commerce CEO Suzanne Clark and Apache CEO John Christmann, Madbouly outlined the sectors that have attracted the most US capital, including energy, technology, manufacturing, and healthcare. He described the figures as a reflection of the strong economic ties between the two countries. Madbouly also discussed ongoing efforts to increase private sector participation in Egypt's economy, including the implementation of the State Ownership Policy and the expansion of the 'Golden License' programme to streamline investment approvals. He pointed to Egypt's strategic location, growing digital infrastructure, and skilled workforce as incentives for future investment, and encouraged further collaboration between US firms and Egyptian partners.
Egypt Today
3 days ago
- Business
- Egypt Today
Grand Egyptian Museum opening ceremony invitations sent to world leaders, PM
CAIRO – 28 May 2025: Egypt's Prime Minister Mostafa Madbouly said on Wednesday that invitations have been sent to kings and presidents around the world to attend the opening of the Grand Egyptian Museum (GEM). Madbouly reaffirmed the government's commitment to coordinating efforts for a major opening ceremony for the Grand Egyptian Museum, calling the event a landmark global occasion that reflects the country's rich heritage. On Monday remarks during a meeting with media executives to review ongoing preparations for the museum's long-awaited inauguration, Madbouly highlighted the event's role in boosting tourism, as the GEM houses invaluable artifacts of the ancient Egyptian civilization. Cabinet spokesperson Mohamed el-Homsany said the meeting covered proposed events and segments for the ceremony, aimed at showcasing Egypt's past, present and future.
