Latest news with #MinistryofPetroleumandMineralResources
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Petroleum Min. Signs MoU with China's Asia Potash to Boost Phosphate Exploration
Taarek Refaat The Ministry of Petroleum and Mineral Resources has signed a memorandum of understanding (MoU) with China's Asia Potash Group, aiming to enhance cooperation in phosphate exploration and maximize the added value of this vital mineral. The MoU was signed by Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA), and Zhang Yuyi, Vice President of Asia Potash, during a ceremony attended by Minister of Petroleum and Mineral Resources, Karim Badawi. Following the signing, Minister Badawi highlighted that this partnership aligns with the ministry's broader strategy to modernize the mining sector and significantly increase its contribution to the national economy. Currently contributing less than 1% to the GDP, the ministry's goal is to raise this figure to 5–6%, by attracting serious investments and expanding high-value downstream activities. 'This agreement supports our vision of developing a comprehensive and integrated system for optimizing the use of mineral resources,' the minister said. 'By partnering with experienced international companies like Asia Potash, we are opening the door to new opportunities in geological exploration, reserve evaluation, and the establishment of value-added industries.' Phosphate, widely used in agriculture and industrial applications, is one of Egypt's key mineral assets. The collaboration aims to assess reserves, explore untapped deposits, and study the potential for setting up downstream industries that convert raw phosphate into higher-value products, such as fertilizers and specialty chemicals. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Sports Get to Know 2025 WWE Evolution Results Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Zawya
6 days ago
- Business
- Zawya
Egypt: GAFI chief highlights tax incentives, licensing reforms to boost mining investment
Egypt - Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), affirmed that Egypt's strategy to raise the mining sector's contribution to 5% of GDP focuses on deepening industrial capacity, establishing value-added chains within mining industries, and expanding logistics services, including shipping, transport, storage, and supply chain management. His remarks came during the Egypt Mining Forum 2025, held under the auspices of the Ministry of Petroleum and Mineral Resources, with the participation of prominent local and international stakeholders. Heiba emphasised that the mining sector has long represented a strategic partnership between the government and the private sector. In recent years, the Egyptian government has prioritised enhancing the sector's competitiveness through targeted investment incentives and infrastructure development, recognising the country's significant mineral potential. The GAFI chief detailed the incentives offered under the Investment Law for mining institutions, most notably the right to recover up to 50% of investment costs via tax deductions over a period of seven years from the project's commencement. Furthermore, mining projects can apply for the Golden Licence, which consolidates all required approvals and permits into a single licence issued within just 20 working days. Heiba also highlighted a range of investment systems tailored to mining projects, including special free zones and dedicated investment zones, which enable investors to complete all licensing procedures in one location. He noted that GAFI now hosts Egypt's digital company registration platform and the unified investment licensing platform, adding that the digitisation of services has significantly streamlined processes and supported growth in the mining sector in recent years. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
GAFI chief highlights tax incentives, licensing reforms to boost mining investment
Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), affirmed that Egypt's strategy to raise the mining sector's contribution to 5% of GDP focuses on deepening industrial capacity, establishing value-added chains within mining industries, and expanding logistics services, including shipping, transport, storage, and supply chain management. His remarks came during the Egypt Mining Forum 2025, held under the auspices of the Ministry of Petroleum and Mineral Resources, with the participation of prominent local and international stakeholders. Heiba emphasised that the mining sector has long represented a strategic partnership between the government and the private sector. In recent years, the Egyptian government has prioritised enhancing the sector's competitiveness through targeted investment incentives and infrastructure development, recognising the country's significant mineral potential. The GAFI chief detailed the incentives offered under the Investment Law for mining institutions, most notably the right to recover up to 50% of investment costs via tax deductions over a period of seven years from the project's commencement. Furthermore, mining projects can apply for the Golden Licence, which consolidates all required approvals and permits into a single licence issued within just 20 working days. Heiba also highlighted a range of investment systems tailored to mining projects, including special free zones and dedicated investment zones, which enable investors to complete all licensing procedures in one location. He noted that GAFI now hosts Egypt's digital company registration platform and the unified investment licensing platform, adding that the digitisation of services has significantly streamlined processes and supported growth in the mining sector in recent years.
Egypt Independent
06-07-2025
- Business
- Egypt Independent
Egypt secures gas supplies to all sectors with four FSRUs vessels
The Egyptian Ministry of Petroleum and Mineral Resources devised a comprehensive plan to develop and transform the gas sector's infrastructure, in the first part of a strategy to increase production and secure the country's energy needs. This plan aims to enhance Egypt's ability to secure all the needs of the electricity sector, as well as various industrial and economic sectors, in a safe and sustainable manner. This plan keeps pace with regional and international changes in the energy market and enables the country to diversify inputs to the national grid when necessary. It includes expanding the import of advanced floating regasification units, which represent a strategic addition to diversifying inputs to the national natural gas grid to include local field production, pipeline import gas, and liquefied natural gas (LNG). Several agreements have been signed with leading international companies to lease modern Floating Storage Regasification Units (FSRUs), increasing the system's capacity and supporting supply stability during peak periods. In parallel, work has been underway to equip several new berths and connect them to the national natural gas grid. This will achieve a sustainable addition to Egypt's natural gas infrastructure, while ensuring a balance between supply and consumption areas to maximize the stability of the national grid. The quays at Sumed and Sonker ports in Ain Sokhna, and the United Gas Derivatives Company quay in Damietta, have been prepared for the final step of connecting the FSRUs to their designated quays, according to the planned schedule. This will bring regasification capacity during peak consumption in 2025 to 2,700 million cubic feet per day. This includes the Hoegh Galleon unit in Ain Sokhna starting in 2024, the Energos Eskimo and Energos Power units, which will be connected to the Sumed and Sonker port quays in Ain Sokhna, and the Winter unit, which will be connected to the United Gas Derivatives Company quay in Damietta. This brings the total number of FSRUs available in Egypt during the peak summer season to four. This comes in addition to close cooperation with Jordan, which has resulted in the arrival of another FSRU, 'Energy Force,' which will arrive at the port of Aqaba in Jordan in late July to connect to the Arab Gas Pipeline. This provides a new addition to both countries by providing a new gateway to the national grids, enhancing the ability to respond to any emergencies this summer with a regasification capacity of up to 750 million cubic feet per day.
Daily Tribune
02-07-2025
- General
- Daily Tribune
Oil Support Barge Capsizes in Egypt's Gulf of Suez — 4 Dead, 6 Missing
Email : editor@ At least four people have died and six others are missing after a marine barge linked to an offshore oil operation capsized in the Gulf of Suez, Egyptian authorities confirmed late Tuesday. The vessel, identified as Adam Marine 12, was assisting an oil rig in the Jabal Zeyt area when it sank while being towed, according to Egypt's Ministry of Petroleum and Mineral Resources. In an official statement, the ministry said: 'We received a report from the Offshore Shukheir Oil Company (OSOCO) regarding the capsizing of its offshore barge Adam Marine 12. Emergency teams were immediately dispatched and we are following developments moment by moment.' Twenty-one crew members have been rescued so far, while search and rescue operations are ongoing for the six individuals who remain unaccounted for. Local media also reported on the tragic incident, confirming the deaths and continued search efforts. The barge was reportedly involved in routine offshore drilling support work at the time of the accident. Authorities have not yet released the names or nationalities of the victims, and the cause of the capsizing remains under investigation.
