Egypt Approves $200 Million in Energy Projects

Egyptian cabinet met on Tuesday (Asharq Al-Awsat)
Egyptian cabinet met on Tuesday (Asharq Al-Awsat)
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Egypt Approves $200 Million in Energy Projects

Egyptian cabinet met on Tuesday (Asharq Al-Awsat)
Egyptian cabinet met on Tuesday (Asharq Al-Awsat)

Egypt approved five agreements for gas and crude oil exploration projects for a number of international and national companies, with expected investments of about $200 million, the Egyptian Cabinet said in a statement on Tuesday.

“The Cabinet approved five projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and national companies, with expected investments of about $200 million,” the statement said.

The agreements included a draft commitment agreement to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean between EGAS and IEOC Production BV.

The agreements further included a draft commitment agreement to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea, between EGAS and IEOC Production BV.

The Cabinet approved another draft commitment agreement for the exploration and exploitation of gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta between EGAS and ZN BV LTD.

The draft agreements also included a draft amendment to the commitment agreement to search for, develop, and exploit oil in the Horus Development Area in the Western Desert between EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC).

Another draft commitment agreement was approved to search for, develop, and exploit oil in the South Dabaa Development Zone (SD-3) in the Western Desert between EGPC and HPS International Egypt Limited.



Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
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Russia Hikes Import Tariffs for Consumer Goods from 'Unfriendly Countries'

A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)
A Russian national tricolor flag flutters on a tourist boat as another boat passes by along the Moskva river in central Moscow on July 18, 2024. (Photo by Natalia KOLESNIKOVA / AFP)

Russia increased imports tariffs for consumer goods, including candies, biscuits and shampoo, produced in countries that support sanctions against Moscow, according to a government order published late on Friday.

Russian imports from nations that imposed sanctions against Moscow over its military conflict with Ukraine slumped in 2022.

Some Western producers stopped selling to Russia, but Moscow has found roundabout ways to keep goods coming, including a grey imports scheme, and plenty of foreign goods remain on store shelves.

According to the order, the tariffs for perfume, cosmetics and shampoo from Poland, for example, will amount to 35% of the customs value. Duties for wallpapers from Lithuania, Latvia and Estonia will rise to 50%.

The new tariffs will be in place until and including Dec. 31 2024 and take effect seven days after publication.