Tag: Egypt

The Suez Canal Authority aims to increase the Suez Canal’s revenues by as much as $1bn, Mohab Mamish, the chairperson of SCA informed. During the first year of its operation the canal achieved revenues worth a total of $600m. In addition to the $600m revenues, approximately 20,000 vessels crossed the canal per year. These ships carried over 1bn tonnes of cargoes.

Egypt's Ministry of Antiquities announced that archaeologists discovered an ancient port on the Nile River that was once used to transport stone for temple-building. The discovered area could be conclusively identified as a port by its fittings and carved heiroglyphic instructions for mooring.

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.