Latest news with #MomenSaeedAtallah
Zawya
25-06-2025
- Business
- Zawya
Egypt to import LNG to cover demand from July 2025 to June 2026, cabinet says
Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances. Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas to complement its domestic production and pipeline imports from Israel, according to industry sources. Egypt's gas production has been on a downward trend in the past few years, reaching as low as 3,485 million standard cubic metres in April 2025, compared to a peak of 6,133 million standard cubic meters in March 2021, according to data from the Joint Organisations Data Initiative (JODI). The North African nation has had to resort to load shedding, raising imports from Israel, and seeking foreign funding for LNG shipments. Israeli gas currently accounts for about 15-20% of Egypt's consumption, JODI data shows. When two of Israel's three gas fields, Leviathan and Karish, were shut down nearly two weeks ago due to the Iran-Israel conflict, Egypt was forced to stop supplying gas to petrochemical and fertilizer factories. More imports come in the form of liquefied natural gas for regasification in Egypt. But while Egypt currently has three floating storage and regasification units (FSRUs) to carry out that process, only one is operational. (Reporting by Momen Saeed Atallah, Writing by Nayera Abdallah. Editing by Jane Merriman, Alexandra Hudson)
Zawya
16-06-2025
- Business
- Zawya
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said. The project will involve a $600 million investment, a cabinet statement said. The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion. Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation. (Reporting by Momen Saeed Atallah; Writing by Menna Alaa El-Din; Editing by Jan Harvey and Giles Elgood)
Zawya
15-05-2025
- Business
- Zawya
Egypt buys 2.5mln tons of wheat from local farmers this season
CAIRO - Egypt, a top wheat importer, bought 2.5 million metric tons of wheat from local farmers so far this season, the cabinet said in a statement on Thursday. Procurement this season, which officially began in mid-April, has inched up compared to 2024. According to official documents seen by Reuters, the government has so far bought 2.55 million tons, up from 2.53 million tons in the same period last year, signaling an improvement in the harvest that was underperforming in the first few weeks. Despite a decrease in wheat-cultivated areas this season, the government expects to buy 4 million to 5 million tons of wheat from local farmers, having raised the procurement price by 10%, leaving it to import about 6 million tons to provide heavily subsidised bread for more than 69 million Egyptians. The government typically purchases 3.5 million tons from local farmers. Egypt's strategic reserve of the grain is estimated to last for 4-1/2 months, while vegetable oils were sufficient for 3.7 months as of May 7, the supply minister Sherif Farouk had said. (Reporting by Momen Saeed Atallah and Mohamed Ezz; Writing by Tala Ramadan; Editing by Aidan Lewis and Louise Heavens)
