The agreement stipulates that Chevron, the operator, will hold a 40% interest whereas Woodside will acquire 27% and Egypt’s state company, Tharwa Petroleum, will acquire the remaining 10% interest.
In his speech at the start of the conference today, he highlighted that Egypt is considered a regional hub in this sector, with gas refining capacities of approximately 40 million tons
The media center of the Cabinet clarified that the current prices for natural gas, which have been in place since September, will remain unchanged
The agreements were signed with a coalition consisting of Hassan Allam Holding - Infinity Capital Investment, Ezz Steel, El Sewedy Industrial Group EIG, and Advanced Petroleum Services Group.
Prior to hosting the COP27 climate summit in 2022, Egypt set an ambitious goal of achieving 42% renewable energy in its mix by 2035, later moving the target date up to 2030.
