عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Seeks to Improve Oil Sector amid New Discovery

President Sisi during his meeting with cabinet members in Cairo on Monday. Egyptian Presidency
President Sisi during his meeting with cabinet members in Cairo on Monday. Egyptian Presidency
TT
TT

Egypt Seeks to Improve Oil Sector amid New Discovery

President Sisi during his meeting with cabinet members in Cairo on Monday. Egyptian Presidency
President Sisi during his meeting with cabinet members in Cairo on Monday. Egyptian Presidency

Egypt’s President, Abdel Fattah al-Sisi, has called for the improvement of the country’s petroleum sector as Italian company Eni announced a new light oil discovery in the Egyptian Western Desert.

Sisi met on Monday with Prime Minister Moustafa Madbouly and several cabinet ministers, urging them to adopt a plan on the improvement of the petroleum sector.

He stressed the importance of improving the skills of workers in the field and providing them with an environment that encourages innovation.

He also said that specialized companies abroad should help train workers in the field in hopes of turning Egypt into a regional trade center for oil and gas.

His instructions included creating the necessary environment to attract investments in exploration.

The presidential spokesman, Ambassador Bassam Rady, said that improving the oil sector contributrs to the government's comprehensive development plan.

Eni said Monday that the discovered well is located in the South West Meleiha license, 130 km away from the Suwa oasis. This is the second well drilled by Eni.

However, the company did not specify the reserves in the new well, which lies seven kilometers away from the first discovery.

The statement also revealed that Eni has entered the production phase, with 5,130 barrels of oil per day.

Most Viewed

 
 
Business

French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
TT
TT

French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.