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    Atlas Petroleum, partners advance Venus oil discovery offshore Equatorial Guinea

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    DeepOcean charters offshore support vessel to strengthen customers oil and gas, renewables assets

    Carbon+Intel - DNV and energy majors launch JIP to develop low-pressure CO2 transport by ships

    MicroSeismic wins second Department of Energy grant for carbon capture and storage services

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    LR green lights Rotoboost’s pre-combustion carbon capture system

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    German Energy Regulator Does Not Dwarf Tough Road Ahead

    North Sea Hydrogen Pipelines Have A Huge Potential- Study

    North Sea Hydrogen Pipelines Have A Huge Potential- Study

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    Russian Tax Overhaul Looks To Offset Oil Firms Revenue Dip

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

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    US Polyethylene Export Market Report 2017-2020

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    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

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    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

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    bp looks to further developments at Tangguh with PSC extension

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    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

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    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

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Egypt Expects $425 Mln from Islamic Development Bank, for Refinery, Airport

Yuvraj_ong by Yuvraj_ong
September 26, 2014
in Africa, Downstream, News
0

Egypt said on Sunday it expected to receive around $425 million in funding from the Islamic Development Bank to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm el-Sheikh.

 

The first agreement is for $198 million earmarked for the refinery, a finance ministry statement said.

 

A further $226.8 million (not $8.23 million) will go towards the first phase of the Sharm el-Sheikh airport project, it said. Egypt has requested a further $223.2 million for the second phase of the project.

 

The Islamic Development Bank is an international financial institution that funds development projects in Muslim countries and communities in accordance with Islamic law.

 

Egypt’s economy has been in turmoil since the 2011 uprising that ousted Hosni Mubarak. The government is navigating a difficult course as it seeks to cut its deficit, while reviving flagging growth and encouraging investors and tourists spooked by the political upheaval.

 

Gulf Arab states have provided more than $12 billion in cash and petroleum products to prop up Egypt’s economy since the ouster of Islamist President Mohammed Mursi a little over a year ago. But the government has introduced painful cuts to energy subsidies as it seeks to curtail spending and shore up finances.

 

The lending will come in the form of a tenancy contract, which is an Islamic funding structure, and will be repaid over 15 years. It will be guaranteed by the finance ministry.

 

The Islamic Development Bank made financing contributions worth about $1.85 billion in Egypt between July 2013 and August 2014, the statement said, adding that Egypt would also seek external sources of funding for other development projects.

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