Latest news with #MoyenOrient
Zawya
04-07-2025
- Business
- Zawya
Engie completes Africa's biggest wind farm
French utility Engie has completed Africa's largest wind farm four months early, as it targets the Middle East and North Africa as a priority region for future renewables growth. The 650 megawatt (MW) Red Sea Wind Energy project in Egypt project can power more than a million households annually, at a time when electricity shortages have forced the country to spend billions buying liquefied natural gas, turning it into a net gas importer for the first time last year. "This renewable energy is cheaper than burning gas or other fossil energy, because the price is lower, so it clearly allows for burning less gas and for the country to either import less gas or export more," François Xavier Boul, Engie's managing director for the Middle East and Africa, told Reuters. As permitting remains sluggish in Europe and US offshore wind leases have been frozen under President Trump, Engie now hopes projects in the Middle East and North Africa can help it meet its 2030 target of reaching 95GW of installed renewable capacity, up from around 51GW. Boul said rising economic development, an expected increase in power consumption, administrative fast-tracking and short project lead times has led Engie to prioritise tenders to build in Egypt, Morocco, the United Arab Emirates and Saudi Arabia. Red Sea Wind Energy is Engie's second wind project in Egypt, with a third site in development that will exceed 900MW when built. Last year Engie signed a preliminary deal with Morocco's phosphates and fertilizer giant OCP to explore renewable energy, ammonia and green hydrogen projects beginning in 2026. Boul said in the short and medium-term, Engie's focus in the Middle East and North Africa region were on solar, wind, battery and hybrid projects. Red Sea Wind Energy is owned by Engie (35%), Orascom Construction PLC (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%).
LBCI
27-06-2025
- Politics
- LBCI
Lebanon's Central Bank denies lifting banking secrecy on corruption suspects
Banque du Liban issued a statement on Friday denying reports that it had unilaterally lifted banking secrecy and reopened accounts belonging to individuals previously accused of corruption. The statement clarified that the decision in question did not originate from the central bank or any of its regulatory bodies, including the Special Investigation Commission. Instead, it said the relevant judicial authorities had issued a final ruling, determining that the statute of limitations had nullified the charges brought against the individuals. Following the court's decision, the judiciary formally notified Banque du Liban that all legal proceedings had ended and requested the lifting of account freezes and the reinstatement of banking secrecy. "The Central Bank complied with this binding judicial ruling, as required by law," the statement said. "Any attempt to hold the bank accountable in this matter is misplaced and misleading to public opinion."
LBCI
03-06-2025
- General
- LBCI
French envoy Le Drian to visit Lebanon next week for renewed talks
French Presidential envoy Jean-Yves Le Drian is set to visit Lebanon next week. The visit comes as part of ongoing diplomatic efforts to support Lebanon amid its political developments.
Arabian Business
20-05-2025
- Business
- Arabian Business
TAQA Morocco and partners eye AED52bn in Moroccan energy and desalination projects
TAQA Morocco Group (AQA Morocco), a subsidiary of Abu Dhabi National Energy Company, along with Nareva, an Al Mada Group arm, and the Mohammed VI Investment Fund, a Moroccan sovereign fund, announced signing a pact with the Moroccan government to explore the acquisition of a slew of energy and desalination projects in the African country. The three entities signed a Memorandum of Understanding (MoU) with the Office National de l'Electricité et de l'Eau potable (ONEE), besides the Moroccan government, to explore the acquisition of an existing Combined Cycle Gas Turbine (CCGT) power plant, the development of new flexible low-carbon gas-fired power and renewable power generation projects. The shopping list for acquisitions also includes seawater desalination projects, water transmission infrastructure and electricity transmission infrastructure in the Kingdom of Morocco, TAQA said in a media release. Under the MoUs, TAQA Morocco and its public and private partners will jointly explore the development of low-carbon power and water generation and transmission assets with a potential investment of approximately $14.15 billion (AED 52 billion) in Morocco to support its energy transition and water security. The scope of the MoUs includes new seawater desalination projects with approximately 2.5 million cubic metres per day capacity, development of water transmission networks with a capacity of approximately 2.2 million cubic metres per day, acquisition of an existing 400 MW CCGT power plant in Tahaddart, north of Morocco, potential development of 1,100 MW of greenfield CCGT power projects; and the development of new 3,000 MW high voltage direct current transmission infrastructure connecting the South to the Centre of Morocco. The agreement also envisaged 1,200 MW of new renewable energy projects. Farid Al Awlaqi, Chairman of the Supervisory Board of TAQA Morocco and Chief Executive Officer, Generation at TAQA Group, said the latest announcement is a testament to the company's track record and commitment to diversifying its portfolio and transitioning to lower-carbon energy alternatives to accelerate sustainable development in the Kingdom. 'This collaboration plays a significant role in supporting TAQA's growth ambitions for 2030 with the exploration of developing up to 2.7 GW of low-carbon CCGT and renewable power generation capacity which includes the acquisition of an existing 400 MW CCGT plant, more than 542 MIGD of sustainable RO water desalination capacity, and power and water transmission infrastructure,' he said. The latest announcement follows UAE President Sheikh Mohamed bin Zayed Al Nahyan and King Mohammed VI of the Kingdom of Morocco signing a declaration in December 2023 to establish a 'solid and innovative partnership' in efforts to develop bilateral economic, trade, and investment cooperation.
LBCI
19-05-2025
- Politics
- LBCI
Paris urges Israel to resume aid access to Gaza 'immediately, extensively, and without obstacles'
French Foreign Minister Jean-Noël Barrot called on Israel to allow the immediate, large-scale, and unimpeded resumption of humanitarian aid access to Gaza, following Israeli Prime Minister Benjamin Netanyahu's announcement that he would permit the entry of a 'basic quantity' of food aid into the territory. In a post on X, Barrot wrote: 'After three months of diplomatic efforts, the Israeli government has finally announced the reopening of access for humanitarian aid to Gaza.' He stressed that this must be done 'immediately, extensively, and without obstacles.' AFP
