Lebanon-based Bank Audi sal has agreed to divest its Egyptian subsidiary – Bank Audi sae to UAE-based First Abu Dhabi Bank (FAB) for an undisclosed price. Bank Audi sae was launched following the acquisition of Cairo Far East Bank sae by Bank Audi sal in 2006. The Egyptian bank has 53 branches. Its Lebanese parent […]
Vestas has bagged an engineering, procurement and construction (EPC) contract and turbine supply order for the 252MW Gulf of Suez 1 wind project in Gulf of Suez, Egypt from the New and Renewable Energy Authority (NREA). The Danish turbine maker will supply and install 70 of its V105-3.45 MW wind turbines in 3.6MW power optimized […]
Italian oil and gas giant and BP have made a new gas discovery in the Great Nooros Area in the Mediterranean Sea in Egypt through the drilling of the Nidoco NW-1 exploratory well in the Abu Madi West Development Lease. The new gas discovery in Egypt was made in the conventional waters of the Nile […]
Neptune Energy has wrapped up an ocean bottom nodes (OBN) multiclient survey in the North West El Amal block in Egyptian waters, which it says has delivered promising results for additional analysis. Prefunded by Neptune Energy, the OBN multiclient survey project was executed by WesternGeco, the seismic and geophysical data solutions unit of Schlumberger, under […]
United Oil and Gas has completed its previously announced $16 million acquisition of Rockhopper Egypt from Rockhopper Exploration to enter into the producing Abu Sennan block in Egypt. The deal, which was announced in July 2019, was closed after satisfying preceding conditions. Rockhopper Egypt holds a 22% non-operating stake in the onshore Abu Sennan concession. […]
UK-based SDX Energy has started drilling of the SD-6X well (Salah well) at the onshore South Disouq gas block in the Nile Delta in Egypt. The MENA-focused oil and gas company had a working interest of 55% in the South Disouq concession where it is partnered by US-based IPR Energy Group. Production from the South […]
The European Bank for Reconstruction and Development (EBRD) is providing support to Egypt’s greener oil and gas sector with a $50 million loan to upgrade the oil refinery owned by Suez Oil Processing Company (SOPC). The proceeds from the loan will be utilized for improvements of the operational efficiency of the Egyptian oil refinery which […]
Lekela Power, a Dutch renewable energy producer, has achieved financial close on the 250MW West Bakr Wind project, the company’s first wind project in Egypt, as per the latest Egyptian wind industry news. West Bakr Wind project location To be constructed 30km north-west of Ras Ghareb in the Gulf of Suez, the West Bakr Wind […]
Accor’s Turkish luxury hotel chain Rixos Hotels has signed an agreement to manage an all-inclusive luxury resort on Egypt’s Red Sea Riviera as part of its Middle East expansion strategy. Partnering with the Eastern Company for Investment and Touristic Development, Rixos Hotels will takeover, renovate and relaunch an existing beachfront property as the Rixos Hurghada […]
AAEM, a joint venture of GE Power and Atomenergomash, has secured a contract to provide turbine island equipment for the 4.8GW El Dabaa nuclear power plant, which is being built with an investment of $30 billion in Egypt. El Dabaa, which is the first ever nuclear power plant in Egypt, is being constructed 6km from […]