ENERGY-

#1- Chevron is looking to boost its upstream presence in Egypt as gas output from its Israeli fields climbs toward record levels, according to industry publication Middle East Economic Survey (Mees). Comments from CEO Mike Wirth “alluded to talks with Cairo to take new acreage,” Mees writes. The publication pointed to advanced negotiations between the oil player and the Madbouly government as Chevron eyes a direct award of the West Star block.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

ICYMI- An unnamed government source told Asharq Business last week that the US energy giant pledged no less than USD 120 mn in investment in a new exploration concession after the Oil Ministry approved a new exploration agreement granting it the rights to explore for oil and gas in the West Star concession in the northeast Mediterranean.

Exploration setbacks haven’t dampened interest: Despite pulling out of its Red Sea block in April and a failed wildcat well at the North El Dabaa block earlier this year, Chevron remains bullish on the Eastern Mediterranean. “We’ve got some good exploration acreage in the onshore Egypt area that we brought to the table as well and the expectation is for some exploration wells there in the coming couple of years,” Wirth said in an earnings call this month.

#2- Inching closer to Hurghada’s 20 MW solar power plant: Egypt will ink contracts by mid-2025 with a Japanese consortium — which includes Mitsubishi — to establish a 20 MW solar plant in Hurghada, which will be the country’s last power plant project to be owned by the government, Asharq Business reports, citing a government official. The plant will cost USD 50 mn, fully funded through a soft loan from Japan International Cooperation Agency (JICA), the official added.

BACKGROUND- First announced in 2016, the 20 MW Hurghada solar plant stalled for years before JICA stepped in with a USD 106 mn loan.

EXPANSION-

Azimut to launch KSA asset management arm in 3Q: Asset manager Azimut has received approval from Saudi Arabia’s Capital Markets Authority to launch onshore asset management operations in the kingdom, with the rollout set for the third quarter of this year, the company said in a statement (pdf). The move will mark Azimut’s entry into its 20th international market and will give it access to a pool of more than USD 1 tn in institutional assets and USD 260 bn in retail capital.

SUSTAINABILITY-

Egypt, UAE partner on decarbonization: The Industry Ministry’s Industrial Modernization Center has partnered with UAE’s Industry and Advanced Technology Ministry to advance clean industrial projects across the MENA region under the UAE-led Industrial Transition Accelerator (ITA), according to a statement.

The ITA? Launched at COP28 and backed by the UAE, the ITA seeks to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts in heavy-emitting sectors.

TECH-

Introducing the National IPv6 Strategy: The National Telecom Regulatory Authority (NTRA) has launched the National Internet Protocol Version 6 (IPv6) Strategy, which is designed to boost Egypt’s digital infrastructure and ensure the long-term sustainability of internet services amid rising demand from 5G technologies and the Internet of Things, NTRA said in a statement (pdf).

The targets: The strategy aims to prepare Egypt’s public and private digital infrastructure for full IPv6 readiness within three years, with a goal of reaching 80% adoption by 2030. It includes rolling out specialized training programs and public awareness campaigns.

Tags: