عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
TT
TT

Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Egypt plans to offer three international tenders for oil and gas exploration and production in 2023, Petroleum Minister Tarek El Molla said on Sunday.

"Egypt plans to hold three international tenders in 2023 for oil and gas exploration and production," he said at the opening ceremony for the Egypt Petroleum Show.

The Show is held under the patronage and attendance of Egyptian President Abdel Fattah El-Sisi at the Egypt International Exhibition Center.

It is set to last through February 15 and bring together more than 30,000 oil and gas industry representatives from at least 60 countries.

Most Viewed

 
 
Business

Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
TT
TT

Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.