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Economy International News

World Bank Empowers Angolan MSMEs with $300M Initiative

9, June, 20239, June, 2023

The World Bank has recently launched the Accelerating Economic Diversification and Job Creation Project in Angola. This initiative aims to create opportunities for micro, small, and medium enterprises (MSMEs) in strategic sectors of the economy. With a capital injection of $300 million, the project seeks to promote economic diversification and private sector investment, specifically focusing on the Lobito Corridor. The Lobito Corridor is a vital trade route that traverses Angola, connecting the mining regions of

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Economy Gas Oil

Kenya Exploits Angolan Cooperation to Strengthen Economic Growth

9, June, 20239, June, 2023

Kenya is keen on strengthening bilateral relations with Angola in various sectors, including energy, agriculture, and trade. During a visit to Angola in early June, Kenya’s Prime Cabinet Secretary Musalia Mudavadi and Minister of Foreign Affairs Alfred Nganga Mutua emphasized the importance of cooperation in driving domestic economic growth. They highlighted Kenya’s intention to leverage Angolan expertise to enhance investment, development, and intra-African trade. Discussions between Mudavadi and Angolan President Joāo Lourenço, as well as

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Economy Gold Mining

Gold Rises as Dollar Weakens, Investors Await Fed Signals

9, June, 20239, June, 2023

Gold prices rose on Thursday as the U.S. dollar eased slightly, providing some respite to the precious metal. However, investor caution surrounding the Federal Reserve’s interest rate strategy and other economic cues kept gold trading within a relatively tight range. Spot gold increased by 0.3% to reach $1,945.69 per ounce, recovering some of its losses from the previous session, while U.S. gold futures rose by 0.1% to $1,959.90. The dollar index, which had been at

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Energy Gas Oil

Egypt’s Minister of Electricity and Renewable Energy, To Speak At South Sudan Energy Summit

9, June, 20239, June, 2023

Dr. El-Markabi will deliver an international ministerial address during the summit’s opening ceremony on 15 June in Juba. Egypt has been a strategic partner for South Sudan, offering support and collaboration through various knowledge-sharing and project development initiatives. The participation of Hon. Minister Dr. El-Markabi at SSOP aims to strengthen the bilateral relationship between the two countries and promote cooperation in the oil, gas, and infrastructure sectors. The article also mentions that South Sudan’s partnerships

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Economy Gas Oil

Kenya Urged to Invest More in Oil Facilities to Tap $8 Billion Revenue

9, June, 20239, June, 2023

The Chairman of the state-owned National Oil Corporation of Kenya, Kiraitu Murungi, has called on the government to increase investments in oil production in order to access potential revenue estimated at 1.1 trillion shillings ($8 billion). Murungi, a former energy minister, believes that boosting investments in hydrocarbon production will help alleviate the nation’s debt crisis, as reported by the state-owned Kenya Broadcasting Corp. According to Murungi, Kenya has the potential to earn at least $8

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Economy Energy Renewable Energy

GE Gas Power Partners with Iraq to Significantly Increase Power Generation Capacity

8, June, 20238, June, 2023

GE Gas Power has announced a major boost to Iraq’s power generation capacity through a partnership with the Ministry of Electricity. In the first half of this year, the company successfully serviced and upgraded 1400 megawatts (MW) of gas turbine capacity across the country. The aim of this strategic move is to enhance power generation capabilities and improve the efficiency and performance of the units, particularly in preparation for the peak summer demand. The Khor

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Economy Energy Oil

ExxonMobil Announces Expansion of Upstream Investments in Egypt

8, June, 20238, June, 2023

ExxonMobil, the multinational oil and gas company, has announced its plans to expand its upstream investments in Egypt. Amr Abou Eita, Chairman and Managing Director of ExxonMobil Egypt, revealed that the company intends to increase its upstream exploration activities in the country. Simultaneously, ExxonMobil aims to grow its Mobil service stations network throughout Egypt. In addition to its focus on upstream operations, ExxonMobil also expressed interest in exploring opportunities related to low-carbon solutions. This indicates

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Energy International News

Egypt and Saudi Arabia to Launch $1.8 Billion Electrical Interconnection Project

8, June, 20238, June, 2023

Egypt and Saudi Arabia are gearing up to initiate a $1.8 billion electrical interconnection project, with testing scheduled to commence next month and trial operation set for next year. This project marks the first large-scale high-voltage direct current (HVDC) interconnection in the MENA (Middle East and North Africa) region. It involves the connection of three substations through 1,350 kilometers of overhead power transmission lines and 22 kilometers of submarine cables. A consortium consisting of Hitachi

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Energy Gas International Oil Renewable Energy

TotalEnergies Announces Launch of Major Project in Iraq as Part of $27 Billion Framework

8, June, 20238, June, 2023

TotalEnergies, a French energy company, is preparing to launch a significant project in Iraq as part of a $27 billion framework agreement signed between Iraq and France in September 2021. The project involves the construction of a 1,000 megawatt solar power park in the Artawi oilfield located in Basra, southern Iraq. The endorsement for the project was given by Iraq’s Electricity Minister, Ziad Fadil, during discussions with a TotalEnergies delegation in Baghdad. The initiative is

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Economy Gas International

Iraq’s Basrah Natural Gas Project Successfully Begins Operations

8, June, 20238, June, 2023

China Petroleum Engineering & Construction Corp (CPECC) announced that the first train of the Iraq Basrah natural gas liquids plant (BNGL) has been successfully put into operation. The project, awarded to CPECC in 2019 by Basrah Gas Co, aims to enhance capacity by 40% through the addition of a greenfield gas processing plant with a daily capacity of 400 million standard cubic feet (cf/d), equipped with two trains capable of handling 200 million cf/d each.

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