Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, met on Monday with the Lebanese Minister of Energy and Water, Walid Fayyad, to discuss measures to speed up the import of Egyptian gas to Lebanon.
In a press statement on Monday, Molla said: “The joint session reviewed the special procedures for the rapid delivery of Egyptian natural gas to Lebanon via Jordan and Syria, within the framework of agreements reached during the meeting held last month in Jordan.”
The ministers agreed to start the maintenance and rehabilitation of the Arab gas pipeline, which links the four countries together.
Fayyad, for his part, noted that the supply of Egyptian natural gas represented a reflection of the strategic relationship between the two countries in the field of energy.
Gas prices have jumped to unprecedented levels, in light of a European energy crisis with a shortage of stocks and an increase in demand as a result of the global economic recovery that followed the covid-19 pandemic. Egyptian gas has become a solution for many countries facing an energy crisis.
Meanwhile, Vortex Energy, a renewable energy investment firm managed by the private equity arm of EFG Hermes, has announced that it has entered into a definitive agreement with Ignis Energy Holdings, the Spanish parent company of the renewable energy company Ignis Group.
According to a press release on Monday, Vortex Energy will inject over €625 million through its newly launched Vortex Energy IV Fund and its co-investors into Ignis via a series of capital injections, which will be deployed over the coming few years subject to certain conditions. This will allow Ignis to fund its growth plans and transform into a fully integrated renewable IPP in Spain and other geographies.
This capital contribution from Vortex Energy will allow Ignis to own and operate a growing share of the projects that it develops, the statement added.
