Egypt Defense ministry asks local Sovereign Fund to help sell up 90 per cent of Wataniya Petroleum Company

The Egyptian Defense ministry has chosen the country’s Sovereign Fund (SFE) to sell between 80 and 90 per cent of Wataniya Petroleum, a subsidiary of the National Service Products Organization (NSPO), reports say. SFE’s CEO Ayman Soliman told Reuters that Read more

Egypt subscribes $1bn loan from International Islamic Trade Finance Corporation to finance petroleum imports

Egypt has signed up for a 1-billion loan from International Islamic Trade Finance Corporation (ITFC) to finance petroleum imports, Middle East Monitor (MEMO) reports citing the Arab country’s Ministry of Petroleum. The loan according to the ministry will cover 2021 Read more

Indian TCI Sanmar Chemicals to invest $200m in Egypt

India-based chemical producer, TCI Sanmar Chemicals, is planning to inject $200 million into the Egyptian market in a move that will bring the company’s total investment in the Arab country to $1.7 billion. CEO, Sherif Al-Menoufi, Al Mal News reported, Read more

Jordan discovers major gas field near border with Iraq

Jordan has discovered a major gas field with “promising amount” of resources, near its eastern border with Iraq. The “digging operation” at “Well 53″ at the Risha oil field yielded the breakthrough, Energy Minister Hala Zawati announced on Twitter announced Read more

Egypt to host Eastern Mediterranean Gas Forum headquarters

The Egyptian capital Cairo has been chosen to house the headquarters of the eastern Mediterranean Gas Forum, Arab Finance reports citing statement from Ministry of Petroleum and Mineral Resources. Egypt, Jordan, Greece, Cyprus, Italy, and Israel according to the ministry Read more