{"id":639440,"date":"2024-08-11T00:00:00","date_gmt":"2024-08-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/western-desert-bound-energy-investments\/"},"modified":"2024-08-11T00:00:00","modified_gmt":"2024-08-11T00:00:00","slug":"western-desert-bound-energy-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/western-desert-bound-energy-investments\/","title":{"rendered":"Western Desert-bound energy investments"},"content":{"rendered":"

Good afternoon, folks. <\/strong>With the Paris Olympics set to officially come to a close this evening and to soon no longer compete for our attention, we\u2019ve got some important local energy news updates and a reminder that AI may not be the economic miracle many had promised.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

A new USD 600 mn gas treatment facility in the Western Desert should be up and running by mid-2025: <\/strong>The Oil Ministry plans to complete the construction of a USD 600 mn natural gas treatment plant in the Western Desert\u2019s Meleiha concession and have it operational by mid-2025, an unnamed government source told Al Arabiya<\/a>. The facility will be operated by Agiba \u2014 a JV between Eni\u2019s subsidiary IEOC and the state\u2019s Egyptian Petroleum General Corporation.<\/p>\n

The details:<\/strong> State-owned Petroject is acting as the project\u2019s main contractor, working together with global oilfield services giant Schlumberger on engineering, design, and procurement for the treatment plant. The source said construction on the project could wrap up in 1Q 2025, followed by a pilot run, and expected the facility to be fully operational by mid-2025.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

With international business news at a low ebb this morning, <\/strong>much of the international press is still processing the fallout of an Israeli airstrike<\/a> on a school in Gaza City that killed over 90 on Saturday morning, as people were gathering for Fajr prayers. Israel justified the strike by arguing that the compound \u2014 home to around 350 displaced families \u2014 was a legitimate military target due to the presence of \u201cmilitants.\u201d The attack comes as Egypt, Qatar, and the US push Israel and Hamas to resume negotiations<\/a> on 15 August, and amid concerns of further escalation between Iran and Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran.<\/p>\n

More international condemnations, more hypocrisy:<\/strong> US and other regional and international officials quickly condemned the strike, calling the attack and its aftermath \u201cappalling.\u201d Yet the US\u2019 posturing fell flat as reports broke that the country had decided to release USD 3.5 bn<\/a> to Israel to buy US-made weapons the day before \u2014 part of a USD 14 bn foreign military assistance package to Israel approved in April. <\/p>\n

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