Egypt Considering Adding New Regasification Vessel in Ain Sokhna

Egyptian Petroleum and Mineral Resources Minister Karim Badawi attends a meeting with a parliamentary committee reviewing the new government's program (Asharq Al-Awsat)
Egyptian Petroleum and Mineral Resources Minister Karim Badawi attends a meeting with a parliamentary committee reviewing the new government's program (Asharq Al-Awsat)
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Egypt Considering Adding New Regasification Vessel in Ain Sokhna

Egyptian Petroleum and Mineral Resources Minister Karim Badawi attends a meeting with a parliamentary committee reviewing the new government's program (Asharq Al-Awsat)
Egyptian Petroleum and Mineral Resources Minister Karim Badawi attends a meeting with a parliamentary committee reviewing the new government's program (Asharq Al-Awsat)

Egypt is considering adding a new Floating Storage Regasification Unit (FSRU) to its port facilities at Ain Sokhna to increase import capacity, according to a petroleum ministry statement.
The ministry is also considering adjusting Egypt's two export liquidation units in Idku and Damietta to import gas instead.
A study is underway to add another floating unit for storage and gasification in Ain Sokhna, with the possibility of adjusting two export liquidation units in Idku and Damietta to import gas instead, the Ministry said.
In Egypt, the storage and gasification unit is equipped to receive and store imported LNG, which could alleviate the country's current power outage crisis.
Last May, the Egyptian Natural Gas Holding Company (EGAS) concluded an agreement with Norway’s Hoegh LNG to rent the Hoegh Galleon floating unit for liquefied natural gas (LNG) for storage and regasification “to secure additional needs for domestic consumption during the summer.”
The gasification process is the conversion of LNG into its gaseous form for direct consumption. Egypt has two LNG plants, Damietta and Idku, for converting gas into liquid so it can be exported by ship, and a gas export pipeline.
But the government has decided to keep gas for the domestic market.
In the past two months, Egypt began buying LNG, a rare move by the fuel exporter to avoid shortages this summer.
On Sunday, the Ministry said in a statement that Egypt is planning to drill 110 exploratory wells for gas and oil, with a total investment of $1.2 billion during the current fiscal year 2024/2025.
Egyptian Petroleum and Mineral Resources Minister Karim Badawi said that Egypt will have 586 exploratory wells for gas and oil drilled, with a total investment of $7.2 billion by 2030.
In a meeting with a parliamentary committee reviewing the new government's program, Badawi said, “Our top priority is to continue coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies to operate power stations.”
He noted that Egypt coordinates with foreign partners to schedule and pay off overdue payments to encourage them to inject more investments to increase oil and gas production as quickly as possible.
In addition, Badawi highlighted that the ministry focuses on creating incentive mechanisms to boost production programs and expedite exploration programs to benefit all parties.
“We will also continue to attract foreign investment in the short term, by adopting a new investment concept, which will contribute to the full utilization of the petroleum sector from refineries, petrochemicals and mineral resources, along with maximizing the use of the modern capabilities of digital transformation and AI technologies,” he added.



Lebanon's New Central Bank Chief Vows to Fight Money Laundering

Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
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Lebanon's New Central Bank Chief Vows to Fight Money Laundering

Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)

Lebanon’s new central bank governor vowed Friday that the institution will fight money laundering and the financing of terrorism and will work independently away from political intervention.
Karim Souaid, who was speaking after officially taking office in Beirut, added that he will work on restructuring the banking sector, public debt and returning money to depositors, The Associated Press reported.
Lebanon’s economy has been witnessing its worst crisis in its modern history since 2019 and the state must implement reforms demanded by the international community. Such reforms are needed to unlock international aid, and on top of that, Israel’s 14-month war with Hezbollah that caused what the World Bank estimates was $11 billion in damages and economic losses.

Since the historic meltdown began Lebanon has been running on a cash economy and in October, the Paris-based Financial Action Task Force, or FATF, an international anti-money laundering watchdog, placed Lebanon on its “grey list.”
“We will work on implementing international laws on top of them combating money laundering and supporting terrorism,” Souaid said.

The former asset manager added that banks in Lebanon should recapitalize by pumping new money and those that cannot and don’t want to can merge with other lenders. He said that the priority will be to return deposits starting with people who have small accounts. He said the return of deposits should be the responsibility of the banks, central bank and the state.

Souaid said the central bank will study all economic recovery plans put forward by previous governments to help the small nation get out of the crisis.

Souaid also pledged to safeguard the central bank's independence from political pressure and prevent conflicts of interest.
"I will ensure that this national institution remains independent in its decision-making, shielded from interference, and grounded in the core principles of transparency and integrity," he said.

Wassim Mansouri, who had been acting central bank governor since July 2023, said the central bank’s reserves stood at 10.727 billion at the end of March.

Souaid succeeds Riad Salameh, the embattled former governor of 30 years whose term ended with several international corruption cases lodged against him and for embezzlement and other financial crimes.