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OPEC Fund Commits $30M to 1.1 GW Egyptian Project
The 5.5 MW wind farms will be Africa’s largest wind project.
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The 5.5 MW wind farms will be Africa’s largest wind project.
Egypt accounted for €1.5 billion of the €2.4 billion invested by the EBRD in the southern and eastern Mediterranean region in 2024.
The Suez wind farm is expected to offset 1.1 million tonnes of carbon dioxide annually upon completion in 2027.
Meeting with Egypt’s Ministry of Petroleum and Mineral Resources, the company discussed strategies for resuming drilling in the offshore Zohr field while advancing research and exploration operations.
Egypt and Ivory Coast have agreed to form a joint working group to enhance cooperation and identify investment opportunities in the oil, gas and mining sectors.
The respective energy ministers of Algeria, Egypt and Qatar met this week to discuss pathways to strengthen collaboration in the field of energy.
The two countries plan to revive a joint commission, inactive since 1988, to strengthen economic and energy ties through strategic development projects.
The FSRU will commence operations in the first half of 2025.
The drilling of the new offshore gas well in Egypt marks a key step in strengthening ExxonMobil’s regional operations.
ACWA Power is developing the Suez Wind Energy Project in Egypt under a Build, Own, Operate model, leveraging funding approved by the AfDB.