Egypt Seeks to Reduce, Capture and Store Carbon

Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad during talks on Tuesday, July 26,2022. (Asharq Al-Awsat)
Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad during talks on Tuesday, July 26,2022. (Asharq Al-Awsat)
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Egypt Seeks to Reduce, Capture and Store Carbon

Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad during talks on Tuesday, July 26,2022. (Asharq Al-Awsat)
Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad during talks on Tuesday, July 26,2022. (Asharq Al-Awsat)

Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad met on Tuesday to discuss preparations for the COP27 Climate Summit, which will be held in the Red Sea resort of Sharm El-Sheikh in November.

They discussed organizing a number of events related to environmental sustainability, carbon reduction, capture and storage in the energy, oil and gas sectors.

In a press statement following the meeting, Molla said his ministry, in coordination with the Environment Ministry, will organize the Decarbonization Day during upcoming summit.

It aims to underline the policies and initiatives implemented by the companies operating in the oil and gas industry in the country to reduce carbon emissions, as part of their commitment to contribute to sustainable development and support global efforts to address climate change.

He pointed out that international companies will present advanced technologies that help achieve optimal results, as well as the best practices and models applied for the carbon reduction, capture and storage process.

He affirmed that technology, human capacity-building efforts and ways to provide financial support will be among the topics tackled, given their vital role in advancing efforts to reduce carbon emissions.

The two ministers reviewed final draft of the activities and discussions that will be held during the event, as well as the ongoing preparations between the working teams from both ministries.

Discussions also tackled preparations for the Energy Day, which will be held in coordination between the two ministries.

Yasmine, for her part, referred to the tasks entrusted to the Petroleum Ministry to determine the topics that will be discussed on that day, in preparation for submitting them to the Supreme Committee COP27 Climate Summit.



Goldman Sachs, JP Morgan Expect September Fed Hike as Inflation Lingers

Federal Reserve building in Washington (Reuters)
Federal Reserve building in Washington (Reuters)
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Goldman Sachs, JP Morgan Expect September Fed Hike as Inflation Lingers

Federal Reserve building in Washington (Reuters)
Federal Reserve building in Washington (Reuters)

Goldman Sachs and J.P. Morgan now expect the US Federal Reserve to raise interest rates this week after a string of stronger-than-expected inflation readings challenged hopes that price pressures would continue to ease without additional policy tightening.

The Wall Street banks joined a growing number of forecasters turning more hawkish after data last week showed ‌US consumer ‌and producer prices rose more than expected in August, ‌while ⁠oil prices climbed ⁠above $100 a barrel due to renewed hostilities in the Middle East, reported Reuters.

In a note on Friday, Goldman Sachs abandoned its previous call for rates to remain unchanged and now expects a 25-basis-point increase at the US Fed's September 15-16 meeting. J.P. Morgan, meanwhile, forecasts quarter-point hikes in both September and December.

The latest data have revived concerns that progress toward the Fed's ⁠2% inflation target could stall after months of moderation.

"We ‌think that the FOMC will be ‌reluctant to surprise," Goldman Sachs economist David Mericle said.

J.P. Morgan struck a similarly ‌hawkish tone following the inflation reports.

"The week that saw rising ‌bond yields and energy prices and a firm enough set of inflation readings to make a rate hike at next week's FOMC meeting more likely than not," J.P. Morgan economists led by Michael Feroli said in a note.

The outlook ‌for further Fed tightening will be in focus this week as policymakers conclude their meeting on Wednesday, ⁠while investors ⁠also watch the Bank of Japan for policy signals.

J.P. Morgan said the latest inflation data cast doubt on a sustained disinflation trend, leading it to forecast another Fed rate hike this year and raise its estimate of the long-run policy rate to 3.25%.

Markets are pricing in an 87% chance of a quarter-point Fed rate hike this month, up from about 70% before the latest inflation data, with another increase expected in December, according to CME's FedWatch Tool.

In a separate note on Sunday, Goldman Sachs said it still expects two Fed rate cuts in 2027, though later than previously forecast, as it sees this week's expected hike as driven more by market pricing than inflation fundamentals.


Saudi Arabia’s Dammam Airports Signs Design Contract to Develop King Fahd Int'l Airport

Dammam Airports CEO Eng. Mohammed Al-Hassany and President of WSP for the Middle East and Asia Dean McGrail seen at the signing of the agreement on Sunday. (X)
Dammam Airports CEO Eng. Mohammed Al-Hassany and President of WSP for the Middle East and Asia Dean McGrail seen at the signing of the agreement on Sunday. (X)
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Saudi Arabia’s Dammam Airports Signs Design Contract to Develop King Fahd Int'l Airport

Dammam Airports CEO Eng. Mohammed Al-Hassany and President of WSP for the Middle East and Asia Dean McGrail seen at the signing of the agreement on Sunday. (X)
Dammam Airports CEO Eng. Mohammed Al-Hassany and President of WSP for the Middle East and Asia Dean McGrail seen at the signing of the agreement on Sunday. (X)

Dammam Airports CEO Eng. Mohammed Al-Hassany and President of WSP for the Middle East and Asia Dean McGrail signed on Sunday a design contract to develop the King Fahd International Airport in accordance with the airport's approved master plan.

Al-Hassany said signing the contract marks a significant milestone in the development of King Fahd International Airport.

Dammam Airports is committed to upgrading airport facilities, increasing capacity, and delivering a seamless, high-quality travel experience through modern design solutions and smart technologies that meet travelers' needs and accommodate future growth in passenger and air cargo traffic, he stressed.

This will reinforce the airport's status as an international gateway connecting Eastern Region to the world, he added..

The project scope includes designing the expansion of passenger terminals, upgrading facilities, and improving airport entrances and access roads. It also includes developing baggage handling systems, digital services, and terminal wayfinding systems to streamline travel procedures and enhance passenger comfort.

The master plan aims to serve more than 19.3 million passengers annually by 2030, with capacity to be increased in phases to 32 million passengers per year to meet future travel demand.

It targets increasing air cargo capacity to more than 600,000 tons annually and aircraft operational capacity to 77 movements per hour, supported by comprehensive expansions of infrastructure, runways, and general aviation facilities.

The contract is part of Dammam Airports' ongoing efforts to develop the airport ecosystem, boost operational efficiency, and contribute to achieving the objectives of the Aviation Program and Saudi Vision 2030.


Iraq Signs Technical Consultancy Agreement with Chevron to Develop West Qurna 2 Field

Officials are seen during Sunday's signing of the agreement. (INA)
Officials are seen during Sunday's signing of the agreement. (INA)
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Iraq Signs Technical Consultancy Agreement with Chevron to Develop West Qurna 2 Field

Officials are seen during Sunday's signing of the agreement. (INA)
Officials are seen during Sunday's signing of the agreement. (INA)

Iraq’s Ministry of Oil signed on Sunday an agreement with the US company Chevron to provide technical consultancy to the Basra Oil Company.

The agreement was signed under the auspices of Oil Minister Basim Mohammed Khudair Al-Abadi.

Al-Abadi said the agreement provides consultancy services during the negotiation period with the Basra Oil Company regarding the development of the West Qurna 2 field, reported Iraq’s state news agency INA.

The signing ceremony was attended by the Undersecretary for Upstream Affairs, Naseer Aziz; the Director General of the Basra Oil Company; the Director General of the Oil Marketing Company (SOMO); and the Director General of the Petroleum Contracts and Licensing Directorate.