Egypt, UAE to Bolster Cooperation in Alternative Energy

Egyptian and Emirati officials during a meeting to discuss cooperation in car manufacturing (Egyptian government)
Egyptian and Emirati officials during a meeting to discuss cooperation in car manufacturing (Egyptian government)
TT

Egypt, UAE to Bolster Cooperation in Alternative Energy

Egyptian and Emirati officials during a meeting to discuss cooperation in car manufacturing (Egyptian government)
Egyptian and Emirati officials during a meeting to discuss cooperation in car manufacturing (Egyptian government)

Officials from the UAE and Egypt discussed joint manufacturing of cars that operate on alternative energy and dual power, one week after the visit of the UAE’s delegation to Cairo and the meeting between UAE Minister of Industry and Advanced Technology Dr. Sultan Al Jaber and Egyptian Prime Minister Mostafa Madbouli.

Egypt's Minister of State for Military Production Mohamed Ahmed Morsi discussed on Sunday with board chairman of UAE's M Glory Holding company Majida al Azazi and a number of company officials boosting bilateral cooperation.

The two sides tackled the progress rate of joint cooperation projects between the ministry and the UAE company as regards to manufacturing of bi-fuel pickup cars, Morsi said.

He added that a factory named the Egyptian Emirates Company for the Automotive Industry (under the acronym ‘EM’) will be set up to manufacture cars that operate on both natural gas and gasoline.

Actual production will start in the second half of 2023, he added.

He added that cooperation with the UAE company comes as part of President Abdel Fattah El-Sisi's directives to expand in the use of natural gas as a fuel for cars to boost state's strategy for sustainable development.

For her part, Azazi said the partnership with Egypt seeks to secure needs of local and African markets in the bi-fuel pickup cars domain.

She lauded the role played by the Military Production Ministry in stimulating investments in Egypt.



EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT

EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices continued to declined on Tuesday morning on milder weather forecasts for next week, high wind speeds and stable supply.

The benchmark front-month contract at the Dutch TTF hub was down 0.61 euros at 46.65 euros per megawatt hour (MWh) at 0947 GMT, according to LSEG data.

The contract for March was down 0.52 euro at 46.63 euros/MWh.

In Britain, the front-month contract fell by 2.04 pence to 116.76 pence per therm.

In north-west Europe, although another cold snap is forecast from Friday over the weekend, the latest forecasts are showing milder temperatures than yesterday from Jan. 15, according to LSEG data, Reuters reported.

Wind speeds are expected to remain quite strong today, limiting gas demand.

However, in north-west Europe, gas-for-power demand is expected 36 million cubic metres (mcm) per day higher at 78 mcm/day on the day-ahead.

"Wind speeds are expected still high today, before dropping sharply tomorrow with the cold spell arriving," said LSEG gas analyst Saku Jussila.

In Britain, Peak wind generation is forecast at around 15.1 gigawatts (GW) today and 14.7 GW tomorrow, Elexon data showed.

Analysts at Engie EnergyScan said EU net storage withdrawals have slowed due to a more comfortable spot balance but the storage gap compared to last year remains high. On 5 January, EU gas stocks were 69.94% full on average, compared to 84.96% last year.

Looking further ahead, analysts at Jefferies expect a tight year for global gas markets due to project delays and higher-than-expected demand.

"European and Asian LNG spot gas prices in 2025 could surpass those of 2024, driven by Europe's increased gas injection needs and the loss of Russian exports outpacing the expected growth in global LNG supply," they said.

"Post 2025, the market is expected to loosen with an additional 175 million tonnes of new supply coming online between 2026 and 2030, primarily from the US and Qatar," they added.

In the European carbon market, the benchmark contract was down 0.91 euro at 73.45 euros a metric ton.