{"id":578722,"date":"2023-01-11T04:07:20","date_gmt":"2023-01-11T04:07:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/"},"modified":"2023-01-11T04:07:20","modified_gmt":"2023-01-11T04:07:20","slug":"oil-ministry-projects-wont-freeze-fx-spending-el-molla","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/","title":{"rendered":"Oil Ministry projects won\u2019t freeze FX spending -El Molla"},"content":{"rendered":"

ENERGY-<\/strong><\/p>\n

Oil Ministry projects are excluded from the government\u2019s decision to ration FX <\/strong>spending<\/strong>, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08<\/a>) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The Madbouly government directed on Monday that all but \u201cessential\u201d ministries make budget cutbacks until the end of the current fiscal year and limit spending<\/a> on some national projects that require FX.<\/p>\n

KarmSolar<\/a><\/strong> has <\/strong>secured EGP 83 mn in funding from our friends at HSBC to develop a <\/strong>solar grid <\/strong>in Farafra<\/strong>, the company\u2019s second microgrid after the Marsa Alam Solar Grid<\/a>, according to a statement (pdf)<\/a>. The solar energy player received debt financing for the first phase of the project from HSBC with Ezdahar\u2019s support. Karmsolar is aiming to get the facility up and running by 3Q 2023, and have so far signed up Juhayna and Nawa for Agricultural Investment as offtakers.<\/p>\n

SOCIETY-<\/strong><\/p>\n

US non-profit group Population Council will conduct a family planning study <\/strong>starting in February<\/strong> alongside Capmas and the Planning Ministry, the National<\/a> reports. The study will poll 17k Egyptians on their opinions regarding a variety of population-related topics. Despite Egypt bringing down its fertility rate<\/a> from 3.5 births per woman in 2014 to 2.8 in 2021, the population of the Arab world\u2019s most populous country grew by 1.6 mn in 2022 and is expected to hit 160 mn by 2050. Egypt is one of eight countries projected to drive more than half of the projected increase in global population up to 2050, according to the UN<\/a>.<\/p>\n

TOURISM-<\/strong><\/p>\n

Marsa Alam Airport received its first charter flight from Milan\u2019s Malpensa Airport <\/strong>yesterday<\/strong>, operated by Hungarian budget airline Wizz Air, according to a Tourism Ministry statement<\/a>. Flights are scheduled to run twice weekly on the route.<\/p>\n

TRADE- <\/strong><\/p>\n

The government will establish a new EGP 2.5 bn logistics and commercial zone in<\/strong> Beni Suef<\/strong>, according to Al Mal<\/a>. Local media had previously reported<\/a> that the General Authority for Land and Dry Ports is conducting a feasibility study to decide whether to establish a logistics area alongside the Beni Suef dry port.<\/p>\n","protected":false},"excerpt":{"rendered":"

ENERGY- Oil Ministry projects are excluded from the government\u2019s decision to ration FX spending, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The Madbouly government directed on […]<\/p>\n","protected":false},"author":1,"featured_media":578723,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,93,72,490,1868,151,238,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-energy","tag-enterpriseam","tag-hsbc","tag-karmsolar","tag-renewables","tag-tourism","tag-trade","wpautop","entry"],"acf":{"mongo_id":"b31acf4b-e4fd-4b09-b654-75f7c82d989f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/173.jpg","photo_position":"above","related_issue":[578699],"teaser":"","voice_url":""},"yoast_head":"\nOil Ministry projects won\u2019t freeze FX spending -El Molla - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Ministry projects won\u2019t freeze FX spending -El Molla\" \/>\n<meta property=\"og:description\" content=\"ENERGY- Oil Ministry projects are excluded from the government\u2019s decision to ration FX spending, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. 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The meetings reviewed the development of the companies\u2019 projects in Egypt and\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652847,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/19\/oil-ministry-establishing-four-new-petrochemicals-projects\/","url_meta":{"origin":578722,"position":1},"title":"Oil Ministry establishing four new petrochemicals projects","author":"enterpriseam admin","date":"19 January 2017","format":false,"excerpt":"The Oil Ministry is establishing four new petrochemicals projects worth a combined EGP 1 bn, Oil Minister Tarek El Molla told Al Masry Al Youm. The projects come as Egypt looks to maximize the petrochemicals value chain. Speaking at the general assembly of The Egyptian Petrochemicals Holding Company, El Molla\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629275,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/27\/el-molla-discusses-ongoing-projects-with-dana-gas-ceo\/","url_meta":{"origin":578722,"position":2},"title":"El Molla discusses ongoing projects with Dana Gas CEO","author":"enterpriseam admin","date":"27 May 2018","format":false,"excerpt":"Oil Minister Tarek El Molla met with Dana Gas CEO Patrick Allman-Ward on Thursday to discuss the latest in the UAE-based company\u2019s ongoing projects in Egypt, which include concessions in the Nile Delta and the Mediterranean coast off of North Sinai, according to a ministry statement.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627766,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/11\/germanys-thyssenkrupp-looking-to-work-on-five-projects-with-oil-ministry\/","url_meta":{"origin":578722,"position":3},"title":"Germany\u2019s Thyssenkrupp looking to work on five projects with Oil Ministry","author":"enterpriseam admin","date":"11 June 2018","format":false,"excerpt":"Germany\u2019s ThyssenKrupp expressed interest in working on five new refining and petrochemicals projects in Egypt. The overtures came during a meeting between company reps and Oil Minister Tarek El Molla on Sunday, according to an Oil Ministry statement.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600817,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/egypt-to-build-hydrogen-cracker-petroleum-complex-worth-usd-2-3-bn\/","url_meta":{"origin":578722,"position":4},"title":"Egypt to build hydrogen cracker, petroleum complex worth USD 2.3 bn","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"The Oil Ministry aims to build a USD 2.3 bn hydrogen cracking and gasoline producing complex in Suez, Minister Tarek El Molla told the domestic press. Four projects have already been implemented with USD 309 mn in investments, El Molla said, adding that the ministry is also looking to develop\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636837,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/01\/el-molla-discusses-cooperation-with-france-on-oil-and-gas-projects\/","url_meta":{"origin":578722,"position":5},"title":"El Molla discusses cooperation with France on oil and gas projects","author":"enterpriseam admin","date":"1 November 2017","format":false,"excerpt":"Oil Minister Tarek El Molla met yesterday with French Deputy Minister for Economic Affairs, Jacques De Lajugie, and France\u2019s ambassador in Cairo St\u00e9phane Romatet to discuss potential cooperation on oil and gas projects in Egypt, Al Shorouk reports.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578722"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578722\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578723"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578722"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578722"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}