Egypt, Nigeria Seal Agreements Worth $30m

Bilateral meetings between Egypt and Nigeria in Cairo on Wednesday (Asharq Al-Awsat)
Bilateral meetings between Egypt and Nigeria in Cairo on Wednesday (Asharq Al-Awsat)
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Egypt, Nigeria Seal Agreements Worth $30m

Bilateral meetings between Egypt and Nigeria in Cairo on Wednesday (Asharq Al-Awsat)
Bilateral meetings between Egypt and Nigeria in Cairo on Wednesday (Asharq Al-Awsat)

Egypt witnessed the signing of bilateral agreements and partnerships between Nigerian and Egyptian businessmen during the Egyptian-Nigerian Economic Conference.

The Egyptian African Businessmen's Association (EABA) organized the conference.

Chairman of the EABA Dr. Yousrey ElSharkawi said that the outcomes of the conference include promptly operating the Egyptian plastic sewage pipes factories, and exporting Egyptian ready-made clothes to Nigeria.

ElSharkawi said during a press conference that six companies from both countries agreed on cooperating in the sectors of construction, medical equipment, and engineering industries.

Discussions also highlighted the agricultural sector, fertilizers, and solar energy.

The conference resulted in $30 million worth of agreements between Egypt and Nigeria.

These events achieve the Egyptian dream to ensure the private sector’s access to Africa, said ElSharkawi, and they also seek increasing cooperation.

Several countries from the African continent, including Zambia and Mauritius, intend to send delegations to Egypt in the two upcoming months, according to ElSharkawi.

For his part, Minister of State for Works and Housing Ibrahim El-Yakub expressed his country’s aspiration to cooperate with Egypt in the housing sector.

Yakub examined housing units presented by the private sector, given that Nigeria requires a minimum of 200,000 housing units each year.



Oil Prices Reset as Supply Uncertainty Reigns

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 Reset as Supply Uncertainty Reigns

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 lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.