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Egypt, UAE Sign Deal to Produce Electricity with $10b Worth of Investments

A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
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Egypt, UAE Sign Deal to Produce Electricity with $10b Worth of Investments

A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 

Egypt and the UAE signed a deal Tuesday for a wind energy project to produce electricity, with direct investments of more than $10 billion.

Middle East News Agency reported that Egyptian Prime Minister Mostafa Madbouly and Emirati Minister of Industry and Advanced Technology Sultan Al Jaber attended the signing of the project.

The project has a production capacity of 10 gigawatts.

It will be developed by a consortium led by Masdar and including Infinity Power and Hassan Allam Utilities.

CEO of Masdar Mohammed Al-Ramahi said during a press conference broadcast by the Egyptian state channel, that the project would bring direct investments of more than $10 billion and would save $5 billion worth of gas used annually to generate electricity.

Ramahi added that fossil fuel would contribute to providing energy sources, noting that renewable energy transmission needs decades.

This transmission would occur in phases to ensure energy security and the economic feasibility of using the energy sources within a diverse portfolio that protects the environment, he added.

This agreement is part of the MoU signed between the two countries during COP27 which was held in Sharm Sheikh in November.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.