Egypt’s Natural Gas Export Revenue Spikes 171%

Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
TT

Egypt’s Natural Gas Export Revenue Spikes 171%

Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)
Liquefied natural gas complex in Damietta, Egypt (Asharq Al-Awsat)

The Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said on Wednesday that Egypt’s output of petroleum products amounted to around 79.5 MT in 2022, including around 50.6 MT of natural gas.

Egypt’s exports of natural gas rose to $8.40 billion in 2022, a surge of 171 percent from around $3.50 billion in 2021.

The leap in Egypt’s revenues from natural gas sales was attributed to a global increase in export prices of liquefied natural gas (LNG).

El-Molla revealed that the oil sector managed to benefit from the Egyptian government's plan to rationalize gas consumption in electricity, in order to provide additional quantities for export and benefit from the high LNG global prices.

He further assured that the domestic market demand was met, noting a spike of six percent in consumption.

According to the Minister, Egypt achieved 53 new oil and gas discoveries in 2022. The discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and the Nile Delta.

This is paying off with new international companies working in Egypt, specifically ExxonMobil and Chevron.

The minister confirmed that Egypt is becoming a regional hub for gas and petroleum trade, encouraging the European Union and neighboring countries to bolster cooperation and foster economic ties with Egypt in the energy sector.



Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.