Latest news with #Petrojet
Zawya
2 days ago
- Business
- Zawya
Petrojet, ENPPI approve participation in Egypt's New Valley phosphoric acid plant
Egypt - The General Assemblies of Petrojet and Engineering for the Petroleum and Process Industries (ENPPI) have approved participation in financing and implementing a phosphoric acid production plant on the Abu Tartur Plateau in Egypt's New Valley, as per a statement. The two assemblies also approved the signing of the shareholders' framework agreement and all related contracts to begin project execution. The plant's first phase will have an annual production capacity of 250,000 tons, with Petrojet and ENPPI among the participating shareholders. Minister of Petroleum and Mineral Resources Karim Badawi highlighted the strategic value of the project. Calling it a national initiative, the minister said that it aims to maximize the added value of Egypt's phosphate resources by converting raw phosphate into a finished product. He emphasized that the project supports Egypt's goal of becoming a regional hub for mining industries. This project is also aligned with state priorities to raise the mining sector's contribution to gross national product (GNP) from less than 1% to between 5% and 6% in the near term. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
7 days ago
- Business
- Daily News Egypt
Madbouly reviews LNG infrastructure readiness at Ain Sokhna Port
Prime Minister Mostafa Madbouly visited Ain Sokhna Port on Saturday to inspect the liquefied natural gas (LNG) regasification vessel Energos Eskimo, as part of the government's broader efforts to bolster energy security and ensure the continuity of natural gas supplies. At the start of his tour, the Prime Minister emphasised that the government is taking proactive steps to meet Egypt's natural gas needs by expanding infrastructure capacity for receiving imported LNG. Madbouly noted that the initiative aims to enhance the efficiency and flexibility of the national gas supply system to accommodate rising domestic demand, particularly during the summer months, and in response to recent regional developments following the Israeli military operation in Iran. He stated that these measures fall within a comprehensive governmental plan involving relevant ministries to safeguard the stability of the national power grid. Accordingly, the government aims to have three regasification vessels operational by early July, with a combined capacity of 2,250 million cubic feet per day. A fourth vessel will be kept on standby to provide additional support and ensure the availability of various petroleum products, Madbouly added. During his inspection of the Energos Eskimo vessel, the Prime Minister underscored that these strategic projects reflect the state's commitment to securing natural gas supplies and reinforcing the system's resilience during peak consumption periods in the summer. He highlighted that this vessel is the second of its kind stationed at Ain Sokhna Port, following the Hoegh Galleon, which entered service last year under the government's plan to operate four regasification vessels and expand LNG import capacity. Madbouly also reviewed the advanced technical works being finalised by Petrojet, a subsidiary of the petroleum sector, in preparation for the vessel's transfer to the SUMED port dock in Sokhna. The Energos Eskimo has a design capacity of 750 million cubic feet of gas per day. Minister of Petroleum and Mineral Resources Karim Badawi explained that petroleum sector teams have completed the development of a second berth at the SUMED Port to receive the vessel. This includes the installation of two loading arms and pipelines for transferring gas to the national grid. Badawi noted that the teams are working with high efficiency and speed to complete the required technical works, with ongoing field inspections to ensure timely progress. The Minister further highlighted the proactive steps taken by the Ministry since last year to secure gas supplies, diversify sources, and manage emerging challenges. He noted that the Ministry succeeded in contracting three LNG regasification vessels following a phase of political and commercial negotiations with various governments—leveraging Egypt's strong diplomatic ties with countries such as Jordan and Germany. These vessels were secured by the Egyptian Natural Gas Holding Company (EGAS) amid high global demand, as part of a broader strategy to achieve energy security in the face of geopolitical risks and global instability. The combined capacity of the three vessels stands at 2,250 million cubic feet per day, significantly enhancing Egypt's domestic gas supply capabilities to meet the needs of all consumer sectors. One vessel is currently operational at SUMED Port, while preparations are underway to commission the remaining two at the SUMED and Sonker terminals in Ain Sokhna. Badawi added that a fourth regasification vessel is scheduled to arrive in August and will be operated at Damietta Port on the Mediterranean Sea, further strengthening the resilience and diversification of Egypt's energy supply in the face of ongoing global challenges. The Minister also stressed that, alongside the urgent plan to cover local demand through LNG imports, the government is intensifying efforts to boost domestic natural gas production. He cited recent successes in curbing natural production decline by introducing incentive packages to attract investment and ensuring the timely payment of dues to partners. These actions are expected to gradually increase output, as exploration and production activities pick up momentum. During his tour aboard the Energos Eskimo, Madbouly received a technical briefing from Walid Lotfy, Chairperson of Petrojet, on the modifications and readiness efforts under way. Lotfy confirmed that the implementation timeline had been compressed from 29 days to just 10, thanks to round-the-clock work and intensified efforts. The works included mechanical modifications, control system adjustments, and commissioning tests to ensure the vessel's full readiness to receive LNG and convert it into its gaseous form for integration into the national grid.
Zawya
19-06-2025
- Business
- Zawya
Oman: OQGN awards $272mln gas pipeline contract
MUSCAT - OQ Gas Networks SAOG (OQGN), the owner and operator of Oman's gas transportation system, has announced the award of a contract worth RO 105 million for the implementation of the Second Loop Line Fahud-Suhar project – a key initiative to boost the country's gas supply network. In a filing to the Omani bourse on Wednesday, June 18, 2025, OQGN – part of OQ Group – said the contract, covering the engineering, procurement and construction (EPC) of the 193km 42-inch pipeline project, was awarded to the Petroleum Projects Company Petrojet and Partners LLC. Also as part of the project execution strategy, a related contract for the supply of 193 kilometers of line pipe was awarded to Jindal Saw Limited. The planned execution duration of the project is 24 months. 'The project aligns with the company's growth strategy and vision in leading the energy infrastructure,' OQGN added. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
18-06-2025
- Business
- Zawya
Oman's OQGN awards EPC contract for $273mln Fahud - Suhar Loop Line project
OQ Gas Networks (OQGN), Oman's sole gas transmission operator and owner, announced on Wednesday that it has awarded Engineering, Procurement, and Construction (EPC) contract for the new 42 inch, 193-kilometre (km) loop line from Fahud to Suhar to Egypt-headquartered Petrojet. The agreement for the Fahud - Suhar Loop Line project was signed on 17 June 2025, the MSX-listed company said in a stock exchange statement. The statement said OQGN also awarded the supply of 193-km of line pipes to Jindal SAW. The project, which is estimated to cost 105 million Omani riyals ($273 million), is scheduled to be completed in 24 months, the statement noted. According to the statement, the project cost will be included in the Company's Regulated Asset Base (RAB), and, like the rest of the RAB, the return on this investment will be determined based on the Weighted Average Cost of Capital (WACC). The currently approved WACC in Price Control 3 is 7.79 percent and will remain in effect until 2027. In November 2024, Zawya Projects had reported that OQGN secured approval from relevant authorities for the execution of a second loop line from Fahud to Sohar. (Reporting by Deva Palanisamy; Editing by Anoop Menon) (
Zawya
04-06-2025
- Business
- Zawya
Egypt: Petrojet, Jordanian consortium ink $21.76mln LPG storage project in Aqaba
Arab Finance: Petrojet and a Jordanian consortium led by the Jordan National Shipping Lines Company (JNSL) have signed a $21.76 million agreement with the Jordan Petroleum Refinery, to implement a new liquefied petroleum gas (LPG) storage project in Aqaba, as per a statement by the Egyptian Ministry of Petrolem and Mineral Resources. The project includes the design, supply, and construction of two spherical LPG storage tanks, each with a capacity of 2,000 metric tons, at Jordan Petroleum Refinery's South Aqaba facilities. The turnkey project is expected to be implemented in up to 24 months. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
