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Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)
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Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)

Mediterranean union investment forum of renewable energy began in Egypt on Wednesday aiming to launch several opportunities in the field of renewable energy in the Euro-Mediterranean region, enhance cooperation on energy and climate actions, and create a more active involvement of the private sector in the regional-European-Mediterranean collaboration.

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi, Egyptian Minister of Investment and International Cooperation Sahar Nasr inaugurated on Wednesday the forum at the presence of Portuguese Secretary of State for Energy Jorge Seguro Sanches, Secretary General of the Union for Mediterranean (UfM) Fathallah Sijilmassi, official representatives, international financial institutions and private sector investors.

Minister Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute in attracting the investors to invest in the renewable energy, as well as in attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for the field.

“Renewable energy projects include providing job opportunities and contributing to achieving the sustainable development goals,” according to Nasr.

Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.

On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.

Minister Markabi highlighted the importance of the role played by the private sector and the Euro-Mediterranean cooperation in the fields of renewable energy and energy efficiency.

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Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Inch Down on Expected Minimal Sanctions Impact

Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
Crude oil storage, a part of the United States' strategic oil reserve, is pictured in the Permian Basin oil field near Midland, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while US tariffs ensure demand concerns remain.

Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. US West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session.

The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude, Reuters reported.

"The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions."

Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions.

The EU sanctions followed US President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days.

ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce.

Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran.

In the US, the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday.

US tariffs on European Union imports are set to kick in on August 1, though US Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc.

"Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore.

"It feels very much like a $64-$70 range in play for the week ahead."

Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war.