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Egypt Reduces Jet Fuel Prices to Boost Aviation, Tourism Sectors

A worker gesturing for cars to move as others fill up at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]
A worker gesturing for cars to move as others fill up at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]
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Egypt Reduces Jet Fuel Prices to Boost Aviation, Tourism Sectors

A worker gesturing for cars to move as others fill up at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]
A worker gesturing for cars to move as others fill up at a petrol station in Cairo, Egypt on June 29, 2017 [KHALED DESOUKI/Getty Images]

Egypt will reduce jet fuel prices by 15 cents per gallon from January 21 until the end of 2021 to support the tourism and aviation sectors amid challenges posed by COVID-19 pandemic.

The decision came during the fourth meeting between Minister of Petroleum and Mineral Resources Tarek El Molla, Minister of Tourism and Antiquities Khaled Al-Anani, and Minister of Civil Aviation Mohamed Manar to discuss ways to boost the affected sectors.

For his part, Anani hailed the initiative, saying it will boost tourism in Egypt by motivating international companies to increase their flights.

Also, Manar praised the petroleum sector’s effort and support in providing fuel to all Egypt’s airports.

In a related context, Egypt and the International Islamic Trade Finance Corporation (ITFC) signed a finance cooperation program for 2021, providing the country with integrated financing solutions worth $1.1 billion.

The funds come as part of the $3 billion agreement concluded between the Ministry of International Cooperation and the ITFC in 2018.

The signing ceremony was attended by Minister of Planning and Economic Development and Egypt’s Governor at the Islamic Development Bank Group Hala El-Said, Minister of Petroleum and Mineral Resources Tarek El Molla, Minister of Supply and Internal Trade Aly Meselhi, Minister of International Cooperation Rania Al-Mashat, and Minister of Trade and Industry Nevine Gamea.

The program was signed by ITFC CEO Hani Salem Sonbol, Executive Vice President of the Egyptian General Petroleum Corporation (EGPC) Ashraf Abdullah, and Vice-Chairperson of the General Authority for Supply Commodities (GASC) Ahmed Youssef.

According to Molla, the five agreements have a total value of $9.2 billion, including the fifth framework agreement signed at the end of January 2018 at a value of $3 billion. For the financing of basic commodities, 16 financing operations amounting to $2.225 billion were approved within the agreement’s framework.

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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)

The Saudi Energy Ministry announced Saturday that the Kingdom has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy (IPHE), as part of its ongoing efforts to foster international collaboration in developing this vital sector.
This accession marks a major step for the Kingdom, reinforcing its pioneering role in global sustainability efforts and in innovating advanced solutions for clean energy, the Ministry said in a statement.
It aligns with Saudi Arabia’s ambition to become a key producer and exporter of clean hydrogen, and to achieve greenhouse gases (GHGs) net-zero through the circular carbon economy approach by 2060, or before depending on technology maturity and availability, the statement added.
Saudi Arabia’s involvement in IPHE underscores its commitment to international cooperation as a cornerstone for attaining a more sustainable energy future.
The move also supports the objectives of the “Saudi Green Initiative” and “Middle East Green Initiative,” which focus on reducing carbon emissions and stimulating global demand for clean hydrogen, according to the statement.
"It also aims to contribute to the development and harmonization of regulations and standards that bolster the clean hydrogen economy,” it added.
IPHE serves as a crucial platform for fostering collaboration among member states to expedite the advancement and deployment of hydrogen and fuel cell technologies.
The partnership is dedicated to exchanging knowledge, supporting relevant research and technologies, and raising awareness about the importance of clean hydrogen in achieving sustainable development.
In this spirit, Saudi Arabia actively participates in numerous international organizations and initiatives linked to the production of clean and low-emission fuels, including the Innovation Mission Initiative, the Clean Energy Ministerial Meeting, the Zero Neutrality Forum for Producers, the Global Methane Initiative, and other related efforts.