Latest news with #AsharqBusiness
Zawya
06-05-2025
- Business
- Zawya
Egypt poised to award new exploration rights to Chevron: Report
The Egyptian government is expected to award oil and gas exploration rights in the country's northeastern Mediterranean to US oil company Chevron, a news report said. The rights will be for the West Star area close to US oil and gas major ExxonMobil's deepwater block, Asharq Business reported, citing an unnamed source. The exploration site covers more than 11,000 square kilometres, the source said. As per the terms of the agreement, Chevron will invest no less than $120 million in exploration and development, which includes drilling an exploratory well within the first three years of the award, following the completion of seismic surveys, the report said. Last month Egypt's Ministry of Petroleum and Mineral Resources announced three new oil and gas discoveries in the Western Desert. They are estimated to produce 2,750 barrels of oil and condensates and 20 million cubic feet of gas per day. (Writing by P Deol; Editing by Anoop Menon) (
Iraqi News
04-05-2025
- Business
- Iraqi News
Egypt seeks to resume oil imports from Iraq
Baghdad ( – A government official revealed that Egypt plans to resume importing 12 million barrels of Basra crude oil per year from Iraq beginning in the third quarter, after a halt of roughly one and a half years. At the end of 2023, Baghdad ceased supplying Egypt with this amount of Basra crude oil per year due to financial disagreements between the two countries, according to Asharq Business with Bloomberg, an Arabic-language business news provider. According to the source, Egypt and Iraq are nearing the end of their discussions to settle disagreements over the issuance of letters of credit for the delivery of Iraqi crude oil shipments. In April 2017, the Egyptian General Petroleum Corporation (EGPC), a national oil company of Egypt, signed an agreement with Iraq's State Organization for Marketing of Oil (SOMO) to provide 12 million barrels of Basra Light crude oil per year at a rate of two million barrels per shipment. Beneficial conditions for the EGPC, which pay Baghdad for exports to Egypt three months after delivery, are part of the discussions with Iraq. Under credit arrangements, Egypt currently buys one million barrels of Kuwaiti oil each month in addition to one million barrels from Saudi Arabia's Aramco.
Shafaq News
04-05-2025
- Business
- Shafaq News
Egypt seeks to resume Iraqi oil imports in Q3
Shafaq News/ Egypt is pushing to restart annual imports of 12 million barrels of Basra crude from Iraq in the third quarter, after an 18-month suspension, a government official told 'Asharq Business.' The source said final negotiations with Iraq to resolve outstanding issues over opening financial credits for the crude shipments are now 'in their final stages,' paving the way for the deal's revival. According to official data, the agreement between Cairo and Baghdad had been regularly renewed before Iraq suspended it at the end of 2023 due to a dispute over payment mechanisms. 'The talks include offering favorable terms to the Egyptian General Petroleum Corporation, allowing Baghdad to receive payment three months after delivery,' the source added. Egypt's General Petroleum Corporation had originally signed a commercial agreement in April 2017 with Iraq's State Oil Marketing Organization (SOMO) to supply 12 million barrels of Basra Light crude, in six shipments of 2 million barrels each, under a one-year renewable contract.
Zawya
30-04-2025
- Business
- Zawya
Egypt receives 3.9mln tourists in Q1 2025
Arab Finance: Egypt has welcomed 3.9 million tourists during the first quarter (Q1) of 2025, marking a 25% increase year on year (YoY), Minister of Tourism and Antiquities Sherif Fathy told Asharq Business. Fathy noted that Egypt plans to add 18,000 new hotel rooms this year to meet rising demand. In 2024, the country recorded a total of 15.7 million tourist arrivals, up around 5% from 2023, despite regional geopolitical instability that weighed on the sector. Tourism, a vital source of hard currency, generated close to $16 billion in revenues last year. Fathy also announced the rollout of a new tourism promotion campaign targeting eight European markets in an effort to attract new visitors while maintaining existing ones. The number of tourists is projected to rise by another 8% by the end of 2025. Egypt aims to double its tourist count to 30 million by 2030 and raise annual tourism revenues to $24 billion. To support this target, authorities plan to add over 200,000 new rooms within the next three to four years, expanding on the current inventory of about 230,000 rooms. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
17-04-2025
- Business
- Zawya
Egypt seeks new $500m investment from China this year: Report
Egypt will host three Chinese business delegations next month as it plans to attract new investments worth $500 million in 2025, Yehia El-Watheq Billah, head of the Egyptian Commercial Representation Authority, told Asharq Business. The proposed investment will take the total Chinese investments in the North African nation to $3.6 billion, he said. He said Egypt receives Chinese business delegations regularly, as investors are looking at domestic opportunities. The number of Chinese projects in the Suez Canal Economic Zone (SCZONE) has reached 10 since the start of 2025, with investments totaling $829 million. The new projects are in the clothing and textile sectors, home appliance supply chains, solar cells, electrical and electronic devices, etc. Billah expects trade exchange between Egypt and China to increase by 10 percent year-on-year to $17.6 billion this year, the report said. (Writing by P Deol; Editing by Anoop Menon) (
