Egypt Denies Selling Airports, Ports to Foreign Parties

Cairo International Airport in Cairo, Egypt (File photo: Reuters)
Cairo International Airport in Cairo, Egypt (File photo: Reuters)
TT
20

Egypt Denies Selling Airports, Ports to Foreign Parties

Cairo International Airport in Cairo, Egypt (File photo: Reuters)
Cairo International Airport in Cairo, Egypt (File photo: Reuters)

The Egyptian government denied “selling ports and airports to foreign parties,” stressing that such rumors circulating on some websites and social media are baseless.

The cabinet issued a statement asserting that none of the Egyptian ports or airports will be sold to foreign parties, either at the present time or in the future.

It urged all media outlets to be careful and accurate before reporting such news that could undermine national projects.

Ministries of Transport and Civil Aviation stressed that “Egyptian ports and airports are wholly owned by the state and subject to Egyptian sovereignty and will remain so.”

The two ministries explained that the state is implementing an integrated strategy to develop the maritime transport system in accordance with the latest global systems, with the aim of maximizing its competitiveness.

The strategy also aims to keep pace with global developments in transportation, saying it includes raising the efficiency of the infrastructure and superstructure and applying the latest information technology systems.

The government also has a plan to comprehensively develop Egyptian airports, by implementing a number of infrastructure development projects, raising the level of services provided to travelers, as well as upgrading the security systems at all airports.

The cabinet affirmed that top international health measures are applied at the airports to ensure the safety of passengers and workers.

The Ministry of Civil Aviation said it used the period during which travel restrictions were imposed at airports to limit the spread of the coronavirus to implement extensive maintenance, including all departure and arrival halls in the airports.

The authorities also indicated that all communication networks, electricity and security devices, and the facilities infrastructure were included in the maintenance operations.

In addition, a number of new airports have been established most notably Sphinx, the New Administrative Capital, Berenice, and Bardawil.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
TT
20

Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.