Standard Club released a statement according to which direct trade between Qatar and seven states, also known as ‘restricted states’, Bahrain, Saudi Arabia, the United Arab Emirates, Egypt, Yemen, Libya and the Maldives remains restricted or prohibited.
Eni, Italian oil company, has made a new gas discovery under evaluation in the Nour exploration prospect located in the Nour North Sinai Concession, in the Eastern Egyptian Mediterranean, about 50 km North of the Sinai peninsula.
The UAE has eased a ban on the shipping of goods between it and Qatar, enforced under a political and economic boycott of Doha, according to port circular. An Abu Dhabi Ports circular cancelled previous directives that banned cargoes of Qatar origin from UAE waters and ports, and those of UAE origin from Qatar.
Neptune Energy was presented with an oil exploration license in the North West El Amal Offshore Concession in Egypt by the Egyptian General Petroleum Corporation. The concession covers 365 square kilometres and is placed in the central part of Gulf of Suez. The block is 42 kilometres far from Ras Gharib and 105 kilometers north to Hurghada.
Three consortiums are currently competing to construct a dry port west of Cairo, with a worth of $100 million, according to the Egyptian finance ministry. The project will be a public-private collaboration between the General Authority For Ports and Dry Land and the consortium that will win. The Port will be built on about 104 acres in 6th of October City, a suburb of the capital.
Oil and gas company BP started its first gas production from the second stage of its West Nile Delta development offshore Egypt. The project that produces gas from the Giza and Fayoum fields, was developed as a deepwater, long-distance tie-back to an existing onshore plant. Therefore, BP reported that the start-up highlights the second in a string of new upstream major projects expected to be brought online in 2019 for BP.
Egypt, after shutting down seven of its ports due to bad weather conditions, it reopened five out of seven ports on January 17. As stated by Reuters, the bad weather conditions improved and the wind stabilized as announced by the Red Sea Ports Authority.
Egypt’s Suez Canal revenues fell in November, down around 8.8 % from October’s revenues as data showed from the cabinet’s website published on January 15. Although the Suez Canal reached the second highest daily traffic ever recorded on January 2 with 72 vessels with an overall tonnage of 5.1 million tons sailed through the canal, the revenues experienced a decrease.
Heavy weather combined with inappropriate manipulations may lead to damage of a vessel, threatening the cargo, the environment or, even worst, human life. That’s why, for the time being, Egyptian authorities have shut down the most important ports of Alexandria and Dekheila on the Mediterranean Sea and Ain Sokhna and Suez on the Red Sea because of extreme weather conditions, as stated by Reuters.
The principles of the China-proposed Belt and Road Initiative (BRI) are almost similar to those of the 17 United Nations Sustainable Development Goals (SDGs), as they both seek to gain a better and more sustainable future for all, former Egyptian Prime Minister Essam Sharaf addressed to Xinhua in a recent interview.
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