Latest news with #PetroleumandMineralResourcesMinistry
New Straits Times
02-07-2025
- Business
- New Straits Times
Barge capsizes in Gulf of Suez, leaving several dead and missing
ISTANBUL: Egypt's Petroleum and Mineral Resources Ministry confirmed late Tuesday that a barge capsized in the Gulf of Suez off the country's eastern coast as local media reported several deaths and dozens of missing workers. "We received a report from Offshore Shukheir Oil Company (Osoco) regarding the capsizing of its offshore barge 'Adam Marine 12' in the Jabal Zeyt area of the Gulf of Suez," Anadolu Ajansi reported the ministry said in a statement. It said that both the ministers of petroleum and labour rushed to the scene accompanied by senior officials to assess the situation firsthand and supervise immediate response efforts. "We are following developments moment by moment, coordinating with relevant agencies and affiliated companies in the region," the statement added. No official casualty figures have been released so far. According to Anadolu, Egyptian media outlets, including Al-Shorouk and Youm7, however, reported conflicting casualty numbers. Al-Shorouk cited three confirmed deaths, six rescues and 21 people still missing, noting the barge overturned while being towed to a new offshore worksite near the Ashrafi platform. Meanwhile, Youm7 reported four deaths but did not confirm the number of missing or rescued. No official statements have been issued by Egyptian authorities regarding the reported fatalities. – Bernama
Zawya
30-04-2025
- Business
- Zawya
Egypt to issue improved mining investment law
Egypt is on the verge of issuing a new mining law that includes better incentives for foreign investors in a bid to boost the sector's contribution to the economy by 12 times, the Petroleum and Mineral Resources Minister has revealed. Karim Badawi told Egypt's parliament on Monday that the mining sector currently contributes just around 0.5 percent to gross national product (GNP) and the target is to expand that share to six percent by the end of Vision 2030. In his comments, published by Al-Ahram newspaper and other local publications on Tuesday, Badawi disclosed that global consultancy firms have helped Cairo in devising a new mining investment law with the aim of wooing in capital to attain that target. 'We are in the process of issuing the new law, which illustrates efforts to improve the investment atmosphere and create a strong framework that will serve the interests of all parties concerned,' the Minister said. 'The new law will include an integrated strategy for mining surveys, exploration and geological assessments besides the preparation of new mining maps.' Egypt, locked in IMF-recommended reforms, stepped up its mining investment drive in 2024 with the creation of a landmark mining portal. The portal includes maps and data for investors seeking to embark on minerals projects in the third largest Arab economy after Saudi Arabia and the UAE. 'This platform is designed facilitate investment opportunities for those interested in setting up minerals project in Egypt…it will also promote the country's mining sector abroad and provide information on mining project bids…technical evaluation of the new portal has been completed and it will be launched soon,' the Petroleum and Mineral Resources Ministry said last year. It said the platform will cover 27 metals, including gold, zinc and iron, adding that Egypt is rapidly becoming a key metal producer and exporter. In 2023, metal production stood at around 13 million tonnes and exports exceeded 2.3 million tonnes, it added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
