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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)
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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.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.