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Egypt, Qatar Sign $5 Billion in Investment Deals

A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
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Egypt, Qatar Sign $5 Billion in Investment Deals

A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany

Egypt and Qatar have agreed to sign investment deals worth $5 billion, the Egyptian cabinet said in a statement on Tuesday.

The cabinet gave no details of the investments and partnerships, announced during a visit to Cairo by the Qatari ministers of foreign affairs and finance, saying only that they would be for the “coming period.”

Egypt is facing new financial pressures linked to the war in Ukraine, which is pushing up the cost of its large wheat import needs and hitting Red Sea tourism, according to Reuters.

Egypt’s foreign minister said on Monday that the two countries were setting up a joint committee to strengthen cooperation across different fields.

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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)

Oman LNG on Tuesday announced the successful loading of its first liquefied natural gas (LNG) cargo to Shell under its new long-term agreements, marking a significant milestone in the company’s strategy to expand its global market reach and reinforce Oman’s position as a leading LNG supplier.
According to Oman News Agency, the ceremonial event took place at Oman LNG’s state-of-the-art facility in Sur, under the auspices of Salim al Aufi, Minister of Energy and Minerals, alongside senior officials from Oman LNG and Shell.
Aufi, in his remarks, emphasized the importance of this milestone, saying, “Today’s shipment is not merely a delivery but a testament to Oman’s commitment to energy security, global collaboration, and sustainable economic growth. It also reflects the strong partnership between Oman LNG and Shell, built on mutual trust and a shared vision.”

Shell, as the largest offtaker under these new agreements, plays a pivotal role in Oman LNG’s strategic plans for sustained growth and market expansion.

Oman LNG’s CEO, Hamad al Naamany, highlighted the significance of this shipment, saying, “We are embarking on a 10-year concession extension with market leaders in LNG and energy. Our growth is aligned with Oman’s vision and adapted to the evolving global energy market demands. Our partnership with Shell continues to thrive, contributing to Oman’s economic diversification goals.”