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Shadi Bushra News

05 Mar 2015

Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday. Egypt plans to build an international industrial and logistics hub near the canal to attract foreign investment, alongside a separate scheme in which the army is digging a second canal to facilitate two-way traffic of larger ships. Investment Minister Ashraf Salman said the planned hub would be the centrepiece of a key economic conference planned for the end of next week, which Egypt hopes will draw investors back after four years of economic and political turmoil. "The main project that we'll show in the conference is the development of the Suez Canal…

04 Feb 2015

Suez Canal Sets Discount for LNG Carrier Transit Toll

The Suez Canal Authority said on Wednesday transit tolls would remain steady in 2015, except for a reduction in the discount for liquefied natural gas (LNG) carriers. Authority chairman Mohab Mahmish told a news conference that the discount for LNG carriers had been set at 25 percent, down from 35 percent in 2014. The strategic waterway, the fastest shipping route between Europe and Asia, is a barometer for international trade. Reporting by Shadi Bushra, Omar Fahmy and Mahmoud Mourad

16 Dec 2014

Captain, Officer of Containership Detained after Deadly Collision

The captain and first officer of a Kuwaiti container ship have been detained for four days after their ship collided with a fishing vessel in the Red Sea, killing 13 Egyptians, a public prosecutor said on Tuesday. The prosecutor said on Monday that initial enquiries showed the fishing boat had capsized following the collision with the Kuwaiti ship, which had just passed through the Suez Canal on its way south. The prosecutor is also questioning the rest of the container ship's crew about the collision, which occurred near Ras Ghareb about halfway down the Gulf of Suez. Egypt is currently expanding the Suez Canal to allow larger ships to pass through it at the same time.

03 Nov 2014

Egyptian LNG Import Terminal Deal Finalized

Egypt finalized a deal with Norway's Hoegh LNG for a long-delayed liquefied natural gas import terminal on Monday that will eventually help the power-hungry country resolve a chronic energy shortage. However, the expected launch date for the floating storage and regasification unit was pushed back to the end of March, the latest in a series of delays over the past two years. Liquefied natural gas shipper Hoegh signed a five-year contract with Egypt's EGAS in Cairo at an event that included Egypt's oil minister and the Norwegian ambassador. The firm was initially looking to start up operations by the third quarter of 2014 but the project was delayed earlier this year. In September, the oil ministry said the terminal would be up and running by December.

06 Mar 2014

Brent eases below $108 on Ukraine diplomacy

EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia, even as the West and Russia engaged in high-stakes diplomacy to cool the crisis in Ukraine. The announcement sets a referendum on the future of Crimea in 10 days, raising the stakes in the most serious East-West confrontation since the end of the Cold War. The North Sea benchmark has fallen $4 since reaching two-month highs on Monday, when worries of an armed conflict between Ukraine and Russia peaked.

24 Feb 2014

Oil Holds around $110

Brent crude oil steadied around $110 a barrel on Monday, resisting sharp declines in some other risk assets on news of further supply losses in Africa and expectations of revived oil demand growth. Libyan oil output plunged further over the weekend, falling to 230,000 barrels per day (bpd) on Sunday after a new protest shut the El Sharara field. Before nationwide protests started in the middle of last year, Libyan oil production was closer to 1.4 million bpd. "As long as the Libyan security situation is unstable, global oil prices will be buoyed," said Michael Poulsen, analyst at Danish consultancy Global Risk Management. Brent crude was up 15 cents at $110.00 a barrel by 1440 GMT, after settling higher for a second straight week. U.S.