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Egypt Signs Investment Deals Worth $340 Million to Boost Oil, Gas Production

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt Signs Investment Deals Worth $340 Million to Boost Oil, Gas Production

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's Ministry of Petroleum and Mineral Resources signed two agreements with international companies on Sunday to invest $340 million to boost oil and gas production in the Mediterranean and Gulf of Suez, Reuters reported.

After discussions between Egypt's Petroleum Minister Karim Badawi and executives from international oil and gas companies, a $222 million investment deal with Shell Egypt (SHEL.L), and Malaysia's Petronas was signed to boost natural gas production in the Mediterranean's West Delta region.

The deal includes the drilling of three wells and establishment of marine facilities.

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UAE, Morocco Finalize Terms of Comprehensive Economic Partnership Agreement

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
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UAE, Morocco Finalize Terms of Comprehensive Economic Partnership Agreement

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour. WAM

The United Arab Emirates and Morocco have finalized the terms of a Comprehensive Economic Partnership Agreement (CEPA) that will launch a new chapter of mutually beneficial trade and investment ties between the two countries, Emirates News Agency (WAM) reported.

The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour, WAM said.

Upon implementation, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing customs harmonization and establishing flexible rules of origin for goods.

It will also establish platforms for investment and private-sector collaboration in priority sectors such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT, WAM added.

The two countries shared $1.3 billion in non-oil trade in 2023, an increase of 30 percent on 2022 and 83 percent more than was recorded in 2019. The UAE is the largest Arab investor in Morocco with more than $15 billion invested in a variety of strategic projects.