Investment bank Simmons & Co’s commentary on the International Energy Agency’s August Oil Market Report highlights geopolitical risk facing global oil supply. The report shows that Opec supply fell by 165,000 barrels per day from the previous month, even as Saudi Arabia lifted output to a 12-month high. “Domestic developments in member countries has taken… Keep reading →
Hope everyone had a nice 4th of July! Here’s what’s happening in energy news. West Texas Intermediate crude is trading near a 14-month high, spurred by unrest in Egypt and a sunny outlook for US economic growth. [Bloomberg] And Brent hit a three-month high today after Egypt’s army declared a state of emergency in areas… Keep reading →
Though much has changed in Egypt over the last few months, some things remains the same. In the energy sector, a proposal from the state-owned Egyptian utility for new power plants is still moving forward in the World Bank.
The Egyptian Electricity Holdings Company (EEHC) and the Egyptian Natural Gas Company (GASCO) have requested from the World Bank financing for a third 750 MW combined cycle gas power plant at the existing Giza North Power Plant that already has two large 750 MW electrical generation units. The proposed construction will also include a 105 kilometer gas pipeline that will connect to the plant for steady supply and two single circuit 500 kV overhead transmission lines, each approximately 25 kilometers in length, that will be upgraded from its current 220 kV design. Keep reading →
