Latest news with #Petroleum
Egypt Independent
12 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 Today
3 days ago
- Business
- Egypt Today
Egypt's Cabinet Discusses Eid Preparations, Economic Cooperation with US Investors
CAIRO – 28 MAY 2025: Egyptian Prime Minister Dr. Mostafa Madbouly chaired the weekly Cabinet meeting on Tuesday, where he extended heartfelt congratulations to President Abdel Fattah El-Sisi, the Egyptian people, and all state institutions on the occasion of the beginning of the Islamic month of Dhu al-Hijjah and the approaching Eid al-Adha holiday. Marking the holiday preparations, Madbouly stressed the importance of full readiness across all governorates to ensure smooth public services during the Eid break. He directed all relevant authorities to provide adequate services, prepare parks and tourist sites for visitors, and ensure uninterrupted utility and service operations during the holidays. He also emphasized the continuation and expansion of fixed and mobile outlets and market initiatives such as 'One-Day Market' to ensure the availability of affordable basic commodities. He called for increased inspection campaigns on commercial markets to ensure sufficient supplies of key goods at fair prices. The Prime Minister instructed the Ministers of Supply, Agriculture, Petroleum, and provincial governors to ensure the steady provision of strategic goods and petroleum products across the country, especially in coastal areas, with intensified daily monitoring during the holiday. Madbouly then reviewed the recent economic engagements led by President El-Sisi, including meetings with American business leaders participating in the US-Egypt Economic Forum, the President of the US Chamber of Commerce, the Chairman of the US-Egypt Business Council, and executives from leading firms including Apache and Shell. The Prime Minister highlighted Egypt's keen interest in fostering closer ties with American investors and the private sector, reaffirming the country's readiness to provide all necessary facilitation, particularly in establishing a dedicated American industrial zone in the Suez Canal Economic Zone. He also referenced his own meeting with ExxonMobil's Vice President for Exploration, noting Egypt's full support to accelerate drilling operations in the Cairo and Masry concession areas. Dr. Madbouly concluded by reaffirming the state's ongoing efforts to enhance the investment climate and capitalize on Egypt's promising energy sector, expressing the government's full commitment to addressing investor concerns and strengthening cooperation with international partners.
India Gazette
3 days ago
- Business
- India Gazette
Govt clears Rs 3,399 Crore Railway projects in Maharashtra, MP to enhance connectivity
New Delhi [India], May 28 (ANI): The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, has given the green light to two major railway projects in Maharashtra and Madhya Pradesh. The projects involve setting up additional lines between Ratlam-Nagda and Wardha-Balharshah, aiming to enhance connectivity and facilitate seamless transportation of passengers and goods. The estimated cost of the project is Rs 3,399 crore, with an expected completion date of 2029-30. The projects will span across 176 km, covering four districts in Maharashtra and Madhya Pradesh, and enhancing connectivity to approximately 784 villages with a population of 19.74 lakh.'The projects are the result of the PM-Gati Shakti National Master Plan for multi-modal connectivity, which has been made possible through integrated planning and will provide seamless connectivity for the movement of people, goods and services,' the cabinet said in a release. The capacity augmentation works will result in additional freight traffic of 18.40 MTPA, optimizing supply chains and facilitating accelerated economic release further added that, 'These are essential routes for transportation of commodities such as coal, cement, clinker, gypsum, fly ash, containers, agriculture commodities, and Petroleum products etc. The capacity augmentation works will result in additional freight traffic of magnitude 18.40 MTPA (Million Tonnes Per Annum).'The project is expected to generate 74 lakh human-days of employment during construction. The improved rail connectivity is expected to reduce logistic costs, decrease oil imports, and contribute to lower CO2 emissions, supporting sustainable and efficient rail project aims to, 'improve travel convenience, reduce logistic cost, decrease oil imports and contribute to lower CO2 emissions, supporting sustainable and efficient rail operations.,' and 'these improvements are expected to optimize supply chains, thereby facilitating accelerated economic growth.''The projects are in line with the Prime Minister Shri Narendra Modiji's Vision of a New India which will make people of the region 'Atmanirbhar' by way of comprehensive development in the area which will enhance their employment/ self-employment opportunities,' according to the release. (ANI)
Mint
3 days ago
- Business
- Mint
Cabinet approves multi-crore Badvel Nellore 4-lane highway, two multitracking projects of railways in Maharashtra and MP
The Government of India's Cabinet Committee on Economic Affairs (CCEA) approved the Badvel-Nellore four-lane highway project along with two Indian Railways multitracking projects in Maharashtra and Madhya Pradesh, according to an official announcement. Prime Minister of India, Narendra Modi, along with other cabinet members, approved the projects at the CCEA meeting on Wednesday, 28 May 2025. The government approved the construction of the 4-lane Badvel-Nellore highway on Wednesday. The project will cost ₹ 3,653.10 crore, spread across a length of 108.134 km in the state of Andhra Pradesh. 'The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of 4-Lane Badvel-Nellore Corridor with a length of 108.134 km at a cost of ₹ 3,653.10 crore in state of Andhra Pradesh on NH(67) on Design-Build-Finance-Operate-Transfer (DBFOT) Mode,' said the government in the official release. The highway project aims to connect three industrial corridors in Andhra Pradesh and positively impact India's Logistics Performance Index (LPI). The project will start from Gopavaram Village on the National Highway (NH) 67 and will end at the Krishnapatnam Port Junction on NH-16. The government also seeks to reduce the travel distance to Krishanpatnam port by 33.9 km from the current 142 km to 108.13 km. 'The project with 108.134 km will generate about 20 lakh man-days of direct employment and 23 lakh man-days of indirect employment. The project will also induce additional employment opportunities due to increase in economic activity in the vicinity of the proposed corridor,' they said in the press release. Prime Minister Narendra Modi also approved two Indian Railway multitracking projects on Wednesday, 28 May 2025, to speed up the transportation of passengers and goods in Maharashtra and Madhya Pradesh. According to the government data, the projects are estimated to cost nearly ₹ 3,399 crore and are expected to be completed by the year 2029-30. Both the multitracking projects will cover four districts across the states of Maharashtra and Madhya Pradesh, aiming to increase India's Railway network by 176 km, as it will connect nearly 784 villages with a population of around 19.74 lakh. 'These are essential routes for transportation of commodities such as coal, cement, clinker, gypsum, fly ash, containers, agriculture commodities, and Petroleum products etc. The capacity augmentation works will result in additional freight traffic of magnitude 18.40 MTPA (Million Tonnes Per Annum),' said the Indian government in the official release. According to the filing, the project is expected to generate direct employment for nearly 74 lakh human-days during the construction period.
Business Recorder
24-05-2025
- Business
- Business Recorder
Tax ordinance will be reviewed, SAPM tells FPCCI
KARACHI: Haroon Akhtar Khan, Special Assistant to Prime Minister (SAPM) for Industries & Production, has assured a high-profile FPCCI delegation that the government will review the Tax Laws (Amendment) Ordinance, 2025, in the light of apex body's recommendations to help resolve the profound grievances of the entire business, industry and trade community of Pakistan. This was informed by Atif Ikram Sheikh, President FPCCI, President ECO-CCI and VP CACCI, after the meeting with SAPM on Friday. Sheikh led a senior delegation of the business community to meet Haroon Akhtar on several issues including Tax Laws (Amendment) Ordinance 2025, highhandedness of the Federal Board of Revenue (FBR), tax & tariff barriers in doing business in the country and the issues of Dangerous Petroleum Liquids. 'The meeting with SAPM and assurance is a resounding success of the rigorous policy advocacy endeavours on this critical issue of national significance,' he said. FPCCI demands reviewing Income Tax Amendment Ordinance During the meeting, Haroon Akhtar reiterated his commitment to playing a proactive role in resolving the problems faced by the business community. Additionally, he informed that Prime Minister Muhammad Shehbaz Sharif has given clear instructions to formulate problem-solving committees and advised to take business community on board in the policymaking consultations. FPCCI President maintained that all chambers, trade bodies and associations have grave reservations and apprehensions on Income Tax (Amendment) Ordinance 2025, as they believe that it will give rise to avenues of harassment, corruption and maladministration. He explained that it is an established fact and practice globally that the more a tax collector is allowed to intervene or interact with the taxpayer, the more it is likely to undermine the principles of fairness, transparency and impartiality due to the increased role of human-to-human interaction, and human judgement becomes a nuisance. 'Therefore, we do not need to reinvent the wheel in this matter', he added. Saquib Fayyaz Magoon, SVP FPCCI, apprised that during the meeting with SAPM, he decided to extend the six-month exemption granted till May 25, 2025 by another 6 months vis-à-vis 'Dangerous Petroleum Liquids' on FPCCI's demand. 'We need to define DPL well and resolve the transportation, availability, storage and regulatory issues vis-à-vis important raw materials for the industry and manufacturing in the form of chemicals,' he added. Hamid Arshad Zahur, Chairman of Pakistan Tanners' Association and Haroon Ali Khan, Chairman of Pakistan Chemical Manufacturers Association (PCMA), were also part of the FPCCI delegation. Copyright Business Recorder, 2025
