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Business Egypt

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  • CAIRO, Sept 2- The discovery of the Zohr natural gas field off Egypt will not undermine private-sector negotiations about buying gas from Israel, Egypt's petroleum minister said, playing down fears that potential deals could be under threat. The find raised concerns in Israel's gas industry that its Leviathan field would lose a deal to supply gas to a liquefied...

  • Massive gas find promises to ease Egypt's fuel crisis Monday, 31 Aug 2015 | 12:36 PM ET

    The new "supergiant" offshore Zohr field, revealed a day earlier by Italy's Eni SpA and billed as the "largest-ever" found in the Mediterranean Sea, could alleviate Egypt's need for gas imports in the coming years, when a booming population will lead to a spike in domestic demand. "It's a very useful positive economic factor in Egypt," he said. Last March, authorities...

  • Egypt's Zohr gas re-writes Israel's happy ending Monday, 31 Aug 2015 | 11:42 AM ET

    JERUSALEM/ CAIRO, Aug 31- Egypt's historic gas discovery threatens to sink Israel's fledgling gas export bonanza, which was counting on deals with Cairo to get it off the ground. "It's a bit early to assess the quality of the data and their significance, but if they are accurate, the discovery off Egypt's coast is bad news for the Israeli economy and the companies...

  • *Discovery comes as Egypt struggles to meet energy needs. "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural-gas finds," it said, adding that it had full concession rights to the area. It also represents a major boost for Egypt, where power cuts caused by gas and oil shortages have often...

  • ROME— The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni said the discovery— made in its Zohr prospect "in the deep waters of Egypt"— could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.

  • Fire at Saudi oil company residence kills 11 Sunday, 30 Aug 2015 | 2:53 AM ET

    DUBAI, United Arab Emirates— A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia's oil-rich east, killing at least 11 people and injuring more than 200, officials in the kingdom said. The Interior Ministry's General Directorate of Civil Defense said victims were of various nationalities, without elaborating.

  • Egypt replaces EgyptAir chairman after heavy losses Thursday, 27 Aug 2015 | 11:29 AM ET

    CAIRO— Egypt's civil aviation minister says he is replacing EgyptAir's chairman in a bid to return the company to profitability, after it accumulated over a billion dollars in losses since the 2011 uprising that toppled longtime autocrat Hosni Mubarak. El-Hefny said earlier this year that the company accrued losses of up to 10.3 billion Egyptian pounds...

  • CAIRO— Egypt's stock market fell to its lowest level in almost two years on Sunday, as global markets sag and investors sober up from a buying binge surrounding a much-hyped economic conference last spring, analysts said. "It's a global sell-off; there's lack of foreign investments, given the macro-economic headwinds," said Amr Elalfy, global head of research at...

  • Is Egypt risking its stability? Wednesday, 19 Aug 2015 | 2:40 AM ET
     Is Egypt risking its stability?

    CNBC’s Hadley Gamble comments on news that Egypt has ramped up its counter-terrorism measures.

  • *Egypt overturned week-old ban on cotton imports in July. SHUBRA KHEIT, Egypt, Aug 11- Standing waist deep in a cotton field, Egyptian farmer Mohamed Khalil cannot mask his anger; after the agriculture ministry banned cotton imports to help local producers, the cabinet abruptly vetoed the idea- the latest in a series of economic policy U-turns and delays under...

  • Egypt's 'gift' to the world Friday, 7 Aug 2015 | 1:10 PM ET
    Egypt's 'gift' to the world

    CNBC's Hadley Gamble reports on the major expansion of the Suez Canal in Egypt.

  • Suez Canal expands Friday, 7 Aug 2015 | 10:26 AM ET
    Suez Canal expands

    CNBC's Hadley Gamble reports on the major expansion of the Suez Canal in Egypt this week.

  • Egypt unveils Suez Canal extension Friday, 7 Aug 2015 | 6:45 AM ET

    Egypt's Abdel-Fattah el-Sissi presided Thursday over the unveiling of a major extension of the Suez Canal.

  • The deals tied to Egypt's Suez extension Friday, 7 Aug 2015 | 2:40 AM ET
    The deals tied to Egypt's Suez extension

    CNBC's Hadley Gamble outlines the trade and geopolitical interests surrounding the Suez Canal extension

  • Suez Canal extension: a political move? Friday, 7 Aug 2015 | 1:30 AM ET
    Suez Canal extension: a political move?

    Angus Blair, founder of Signet, says the $8.5 billion Suez Canal extension was partly a move to change internal sentiment in Egypt.

  • ISMAILIA, Egypt, Aug 6- Egypt received a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world's most populous country. The former armed forces chief, who led a military takeover two years ago but ran for president as a civilian...

  • ISMAILIA, Egypt, Aug 6- Egypt staged a show of international support on Thursday as it inaugurated a major extension of the Suez Canal which President Abdel Fattah al-Sisi hopes will power an economic turnaround in the Arab world's most populous country. The former armed forces chief, who led a military takeover two years ago but ran for president as a civilian...

  • ISMAILIA, Egypt, Aug 6- Nationalist celebrations to inaugurate a major extension of the Suez Canal intended to power an economic turnaround began on Thursday when Egyptian President Abdel Fattah al-Sisi boarded a historic yacht to welcome foreign dignitaries. The $8 billion New Suez Canal project was completed in just one year instead of three on Sisi's...

  • NAIROBI, Aug 4- Loss-making Kenya Airways, which has been hit by a slump in tourism in the African country, may require a $500- 600 million bailout, Kenya's finance minister said on Tuesday. The carrier, part-owned by Air France-KLM, has not made a profit in three years and sunk deeper into the red in the year through March with a pretax loss of 29.7 billion shillings.

  • *Egypt to offer new dollar-denominated bonds. CAIRO, Aug 1- Egypt has turned more than half of initial agreements signed at a March investor conference into investment projects, the planning minister said, as Cairo tries to regenerate an economy battered by years of turmoil. Egypt has signed exploration deals worth around $21 billion with global oil companies...