Egypt’s Delta Electricity Production Co has secured a KD30m loan ($104m) from the Kuwait Fund for Arab Economic Development to launch El-Ein El-Sokhna power generating station, east of Cairo, Kuna has reported. The new power station aims to help Egypt meet its growing demand for electricity and feed the national power grid.
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Japan’s AOC Holdings has said it will delay until May 2012 plans to start commercial crude oil output from Egypt’s offshore Northwest October block in the northern Gulf of Suez, Reuters has reported. AOC, the parent of oil and gas development unit Arabian Oil Co, has a 50% stake in the block and state-owned Egyptian General Petroleum Corp holds the remainder. Production from the block had previously been slated for later in 2010.
Two agreements have been signed between state-owned Egyptian General Petroleum Corporation and US-based Apache Corp for exploration in the country’s Western Desert, Reuters has reported. Egypt’s oil ministry said Apache will invest at least $55m to drill 13 wells under the agreements. Thomas Voytovich, vice president and general manager of Apache Egyptian Companies, told the news service the firm is spending around $1bn a year in Egypt and that he sees the figure being maintained or growing in coming years.
An excellent week for Arab markets, with all 12 Shuaa indices seeing a rise. The best performer was Egypt, which continues to attract considerable overseas investment. Shuaa Capital’s Head of Research, Walid Shihabi, expects upwards trends to continue next week, driven by the same macro factors.
