Egypt Launches EGYPS 2022 Amid Efforts to Transform Cairo into a Regional Energy Hub

EGYPS Ministerial panel in Cairo (Asharq Al-Awsat)
EGYPS Ministerial panel in Cairo (Asharq Al-Awsat)
TT

Egypt Launches EGYPS 2022 Amid Efforts to Transform Cairo into a Regional Energy Hub

EGYPS Ministerial panel in Cairo (Asharq Al-Awsat)
EGYPS Ministerial panel in Cairo (Asharq Al-Awsat)

The Egypt Petroleum Show 2022 (EGYPS) kicked off its fifth edition in Cairo with broad international participation, amid rapid steps to transform Egypt into a regional energy hub.

Egyptian gas plays a vital role in securing part of the energy needs of European countries by exporting surplus gas produced from gas fields or imported through the gas liquefaction stations in Idku and Damietta.

It increased Egypt's natural gas exports in light of the rise in global prices.

Egypt's Petroleum Minister Tarek el-Molla announced that the petroleum sector's exports increased 85 percent during the past year to reach about $13 billion.

Molla clarified that the unification of efforts must accompany Egypt's summit hosting.

He asserted that Egypt and African countries are committed to the Paris Agreement and all climate-related agreements, noting that African countries are among the nations that cause the least harmful emissions.

Meanwhile, the International Energy Agency (IEA) CEO, Fatih Birol, announced at the EGYPS 2022 conference that Egypt officially joined the agency as a member.

Birol praised Egypt's remarkable success stories, adding that Egypt, Africa, and the world are at a defining moment in energy and climate.

He affirmed complete support for Egypt in light of its hosting of the COP27 global climate summit and its leadership of Africa to come up with decisions from the conference that suit the continent, which suffers from significant challenges represented in the window for electricity and cooking by primitive means that result in disasters.

President Abdel Fattah El-Sisi attended a ministerial session on energy transformation and efforts to combat climate change in Africa in preparation for COP27 Climate Summit, held next November in Sharm el-Sheikh.

Commissioner for Infrastructure and Energy of the African Union Commission Amani Abo Zeid stressed that considering energy availability for African people is a priority in enhancing access and exploiting energy in manufacturing industries.

Abo Zeid indicated that about 900 million people in Africa use primitive cooking methods, which leaves serious health effects that lead to the death of about 400,000 annually.

She praised the "Decent Life" initiative and its services, noting the importance of unifying efforts and African cooperation.

The official called for benefiting from Egypt's capabilities and expertise, especially in natural gas delivery projects, and converting means of transportation to gas.

She referred to the successful launch of a single African energy market, which began last June and is expected to become the most significant global market for energy exchange by 2040.

For his part, Minister of Minerals and Hydrocarbons of Equatorial Guinea Gabriel Obiang Lima said that the African continent must have its green plans, reiterating that energy sustainability is essential as a priority that precedes the energy transition.

Lima stressed the importance of natural gas and a transitional fuel, similar to the Egyptian experience.

He expressed his aspiration to benefit from Egypt in leading African countries to promote the uses of green energy.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
TT

Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.