News | - Part 8

Eni signs heads of agreement with Egypt worth $5 bln over 4-5 years

SHARM EL SHEIKH, Egypt (Reuters) – Italian oil major Eni signed heads of agreement with the Egypt worth $5 billion over 4-5 years, the oil minister and the company said on Saturday at a weekend investment summit in the Red Sea resort of Sharm El-Sheikh.Oil Minister Sherif Ismail said he expected the investment in several discoveries would generate production of 900 million standard cubic feet of gas.He said the investment was for concessions in the…

Egypt plans to build new administrative capital east of Cairo

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt plans to build a new administrative capital east of Cairo within five to seven years at a cost of $45 billion, its housing minister said on Friday.Announcing the project at an international investment conference, Mostafa Madbouli said the goal included creating 1.1 million housing units. “We are talking about a world capital,” he said.The new capital, planned to be the size of Singapore, will house government buildings, diplomatic missions…

Gulf Arab allies pledge $12 billion to Egypt at summit

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SHARM EL-SHEIKH (Reuters) – Gulf Arab allies pledged a further $12 billion of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah al-Sisi as he tries to reform the economy after years of political upheaval.Kuwait, Saudi Arabia and the United Arab Emirates each offered $4 billion to Egypt, which is grappling with Islamist insurgents as it attempts to improve the investment climate four years…

PepsiCo to invest $500 mln in Egypt this year

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SHARM EL SHEIKH, Egypt (Reuters) – PepsiCo will invest $500 million in Egypt this year to expand production, its business unit manager for North East Africa said on Saturday.Ahmed El Sheikh told Reuters at an investment conference in Sharm El-Sheikh that the investment comes after the global food and beverage company achieved sales of $1.2 billion in Egypt during 2014.Egypt hopes the weekend conference will project an image of stability and improve investor confidence hit…

Nigerian parliament committee finishes key oil law report

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ABUJA (Reuters) – A Nigerian House of Representatives committee has finalised a key report on a new National Petroleum Industry bill, recommending that the president’s power to grant oil licences should be removed, according to a document seen by Reuters.An executive summary of the report also said the government should float 30 percent of the state oil company, NNPC, on the Nigerian stock exchange.The summary did not say when the report would be submitted to…

Kerry urges firms to invest in Egypt, praises economic reforms

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SHARM EL-SHEIKH, Egypt (Reuters) – U.S. Secretary of State John Kerry on Friday urged business executives to invest in Egypt, praising the government of President Abdel Fattah el-Sisi for “bold” economic reforms aimed at restoring investor confidence.Addressing the U.S. Chamber of Commerce in Egypt on the sidelines of an investment conference in the Red Sea resort of Sharm El-Sheikh, Kerry said more private investment could help Egypt’s economy achieve annual growth rates in double digits.He…

Uganda to spend $365 mln to revamp main airport

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KAMPALA (Reuters) – Uganda will spend $365 million over the next six years to upgrade its sole international airport to accommodate growing passenger numbers, a senior official said on Friday.Uganda is at various stages of implementing several multi-billion dollar infrastructure projects, including two hydro power dams, a refinery, express highways and a railway line to expand its economy and prepare for oil production around 2018.Rama Makuza, the managing director of state-run Civil Aviation Authority (CAA),…

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