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Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
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Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla has revealed that his country is intensifying efforts to increase reliance on local components in the development of oil refineries.

Petrojet company manufactures some of the main components that are installed in the production units in refineries such as salt separators, he added.

El-Molla stressed the significance of refineries in the country, specifically Alexandria which represents around 40 percent of the oil refineries across the country.

He made his remarks as he chaired through videoconference a meeting for several state-owned oil companies such as Alexandria Petroleum Company, Amreya Petroleum Refining Company, Egyptian Petrochemical Company, and Petroleum Pipelines Co.

Minister of Local Development Hisham Amna and the Minister of Trade and Industry, Ahmed Samir, were also present.

El-Molla remarked that investments continue to be pumped to develop the national petroleum transportation network, which boosts Egypt’s role as a regional hub for energy trade. This role must go in parallel with a modern, safe, and strong network of high efficiency to transport oil products, he said.

Chairman of the Board of Directors of Petroleum Pipelines Co. Fathi Mansour stated that the firm started the implementation of new transportation lines to transport oil and the expansion of two storage terminals with an investment value exceeding EGP6 billion.

Mansour added that new lines would extend over 600 km with an investment value surpassing EGP11 billion.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.