LONDON: Egypt’s economy has received a major boost since gas from Zohr, the Mediterranean’s largest offshore field, began to be pumped ashore in Port Said city at the end of last year.
Zohr is one of the most positive energy stories to hit the Middle East recently and a boon to Egypt in particular as the development by Italian operator ENI means the country is close to reaching gas self-sufficiency.
Zohr should wipe out the need for Egypt to buy in expensive foreign gas, thereby bolstering its depleted foreign exchange reserves, and could one day make the country a net exporter to countries throughout the region and, perhaps, beyond.
Mohamed Abu Basha, Cairo-based economist at investment bank EFG-Hermes, told Bloomberg: “One of the biggest issues Egypt had over the past years was the big shift in its energy balance from a net exporter to a net importer because of an increase in consumption versus a decline in production.
“With the new gas finds, it’s returning to this balance, if not exporting, then at least there’s no deficit,” he added.
Egyptian Oil Minister Tarek El-Molla has said initial production will be 350 million cubic feet per day, rising to 1 billion cubic feet in June and 2.7 billion by the end of 2019.
Egypt had to give up gas exports in 2014 to meet local demand and because sporadic sabotage on its main pipeline in the Sinai Desert disrupted shipments.
Zohr, with an estimated reserve of about 850 billion cubic meters of natural gas in place, is expected to close the gap between supply and demand, helping to end Egypt’s reliance on imported liquefied natural gas (LNG) next year, Bloomberg reported.
The offshore field is expected to save Egypt some $1 billion annually in gas imports.
Egypt has two LNG plants, which are more or less mothballed, from which to export once production is ramped up.
In a recent statement, BP said: “The development of Zohr in a record time has brought a new critical source of energy to the Egyptian market.”
BP added that two other current major projects in Egypt — Atoll and the second phase of the West Nile Delta project — will bring further new gas resources into production. “Together these projects will play an important role in supporting and reshaping Egypt’s energy sector.”
Russia’s state-owned producer Rosneft PJSC closed a deal in October to acquire 30 percent of the Zohr field. BP has also bought a 10 percent stake.
An International Monetary Fund report on Dec. 20 said Egypt’s reform program was yielding encouraging results.
The IMF said: “The economy is showing welcome signs of stabilization, with GDP growth recovering, inflation moderating, fiscal consolidation remaining on track, and international reserves reaching their highest level since 2011.”
The banking system was said to remain resilient to moderate shocks, but although the outlook was viewed as favorable, the IMF said sustained efforts were still required to “maintain prudent policies and advance structural reforms to support the authorities’ medium-term objective of inclusive growth and job creation.”
Zohr gas field fires up the Egyptian economy
Zohr gas field fires up the Egyptian economy
PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive
- Order marks first direct deal with Airbus as PIF-owned lessor targets global growth
RIYADH: Saudi Arabia’s Public Investment Fund-owned AviLease has signed a deal to purchase up to 77 Airbus aircraft, further expanding its next-generation, fuel-efficient fleet to meet rising global demand across passenger and cargo operations.
The agreement, announced at the Paris Air Show, includes 55 A320neo Family aircraft and 22 A350F freighters, with deliveries scheduled through 2033, according to a press release.
This marks AviLease’s first direct order with Airbus. The move aligns with the goals of the Saudi Aviation Strategy, which targets a rise in annual passenger capacity to 330 million and cargo throughput to 4.5 million tonnes by 2030, while enhancing the Kingdom’s status as a regional aviation hub.
“This dual order reinforces AviLease’s credentials as a leading lessor, and it demonstrates the broad appeal of our products among lessors and their airline customers,” said Benoit de Saint-Exupéry, executive vice president of sales for Airbus Commercial Aircraft.
Edward O’Byrne, CEO of AviLease, said: “We are proud to establish an Airbus order book, strengthening our position as a full-service, investment grade global lessor. The addition of these latest generation aircraft enhances our ability to offer modern, fuel-efficient fleet solutions to our airline partners in Saudi Arabia and around the world.”
The A350F freighters were selected following consultations with local stakeholders and will support Saudi Arabia’s expanding air cargo requirements. O’Byrne noted that AviLease has secured delivery slots in line with the Kingdom’s Vision 2030 goals.
“We thank our local partners and Airbus for the strong long-term partnership we have established and look forward to placing these aircraft across our valued customer base,” he said.
The A350F, according to Airbus, offers at least 20 percent lower fuel consumption, improved loading capabilities, and extended range.
The new order follows AviLease’s purchase of 30 Boeing 737 MAX aircraft in May—its first direct deal with a manufacturer—bringing its total new aircraft orders within two months to 107.
“In less than two months, AviLease has signed two major deals, reflecting its long-term ambition to become a top 10 global player in aircraft leasing and to strengthen its position as a national champion,” said Fahad Al-Saif, chairman of AviLease.
As of March 31, AviLease had a portfolio of 200 aircraft leased to 48 airlines around the world.
In April, the firm secured a $1.5 billion unsecured revolving credit facility to support its global expansion. The three-year facility attracted commitments from 20 international banks, including eight new lenders from Europe, Asia, and North America.
The company holds investment-grade ratings of Baa2 (stable) from Moody’s Ratings and BBB (stable) from Fitch Ratings.
Greening initiative sees 31m trees planted in Saudi Arabia’s Eastern Province
- The authorities aim to plant 1.5 billion trees in the province by 2100, rehabilitating more than 7.9 million hectares of land
RIYADH: More than 31 million trees have been planted in Saudi Arabia’s Eastern Province as part of a nationwide afforestation project, the Saudi Press Agency reported on Monday.
The trees were planted by the National Center for Vegetation Cover Development and Combating Desertification, working with 51 other entities, under a program launched in November.
The authorities aim to plant 1.5 billion trees in the province by 2100, rehabilitating more than 7.9 million hectares of land.
The scheme is part of the nationwide Saudi Green Initiative, which aims to plant 10 billion trees — 600 million by 2030 — and rehabilitate more than 40 million hectares of land.
As well as planting trees, the center has been engaged in a program of environmental monitoring, combating illegal logging and raising public awareness across the Eastern Province.
It also works to prevent sand encroachment in farming areas that are at risk of soil degradation and uses native plant species to populate its afforestation areas in order to maintain the ecological balance of local habitats.
The center also organizes the National Afforestation Season in partnership with the Ministry of Environment, Water and Agriculture.
Razane Jammal authors children’s book
DUBAI: British Lebanese actress Razane Jammal is set to release a children’s book titled “Lulu & Blu.”
The actress, famous for her roles in Netflix series “The Sandman” and “Paranormal,” took to social media on Sunday to share the news, writing: “What started as a little story I wrote seven years ago turned into a book for your little ones. I’ve poured my (heart) into this and I’m thrilled to invite you all to our first launch in Beirut.”
The launch event is scheduled to take place on June 25 at community space Minus 1 in the Lebanese capital. The actress will perform a reading of the children’s story, which tells the tale of a “vegetarian lioness, a friendly fish and their most unusual friendship,” according to the author.
Published by Turning Point Books, the story was illustrated by Sasha Haddad, a Lebanese illustrator who graduated from Cambridge School of Arts in 2014.
In the role that arguably shot her to stardom, Jammal played Lyta Hall in 2022’s “The Sandman,” based on the legendary graphic novels.
Her character dreams of her dead husband each night, slowly realizing that he is not a figment of her imagination but is hiding out in the dream world.
It is a part that Jammal managed to play truthfully with subtlety — a subtlety for which she credited her mother in a previous interview with Arab News.
“I’ve always been extra, and my mom was far more subtle than I am. I had to fine-tune myself to vibrate on her frequency, a frequency that was very sweet and very raw, and vulnerable and nurturing. I took that from her.
“I grew up having a simple, community-based life in a place where you have 500 mothers and everyone feeds you and you feel safe — even if it’s not safe at all. At the same time we went through so many traumas, from civil wars to assassinations to losing all our money in another financial crisis.”
Pakistan says armed forces ‘fully alert’ amid Israel’s ongoing conflict with Iran
- Israel attacked Iran’s nuclear facilities and military leadership last week, raising tensions in Middle East
- Deputy PM Ishaq Dar assures lawmakers Pakistan’s nuclear facilities remain safe amid ongoing conflict
ISLAMABAD: Deputy Prime Minister Ishaq Dar said on Monday that Pakistan’s armed forces were “fully alert” amid Israel’s ongoing military conflict with Iran, vowing to safeguard the country’s nuclear assets.
Dar’s statement came as the military conflict between Iran and Israel entered its fourth day on Monday, with no signs of the two sides letting up. The worst fighting between the regional foes began late Friday when Israel carried out strikes against Iran’s nuclear facilities and military leadership. So far, Iran says 224 people have been killed due to Israeli strikes while Tel Aviv has said at least 18 people have been killed by Iran.
During a senate session, opposition lawmaker Shibli Faraz questioned whether Pakistan’s nuclear facilities were safe in light of Israel’s recent strikes against Iran, urging the government not to be complacent in safeguarding them.
“Israel dare not look to Pakistan,” Dar said in response. “By the grace of god, Pakistan has the strength to respond to a brick with a stone, to any mala fide [intentions].
“I assure my brother the armed forces of Pakistan are fully alert. As they were alert during the India-Pakistan conflict,” he added.
The deputy prime minister was referring to India and Pakistan’s military conflict last month. The two countries pounded each other with missiles, drone strikes, fighter jets and artillery fire in a military conflict that lasted for four days before Washington brokered a ceasefire on May 10.
Dar said the Pakistani nation had developed its nuclear and missile defense system at a great cost and would protect them.
“These are the nation’s assets, these are the nation’s trust. This is the trust for the coming generation,” he said. “It is our responsibility to safeguard it unitedly, which we will do, are doing and will do it together.”
Israel sees Iran’s nuclear program as a threat to its existence. It said its strikes on Friday were designed to avert the last steps to the production of an Iranian nuclear weapon.
Tehran insists its nuclear program is entirely civilian and it does not seek an atomic bomb. The UN nuclear watchdog, however, reported Iran last week as violating obligations under the global non-proliferation treaty.
Pakistan has criticized Israel in strong words and repeatedly said Iran has the right to retaliate under the UN Charter. Islamabad has also vowed to offer diplomatic support to Iran at international forums.
Suspect in shooting of Minnesota lawmakers to appear in court on murder charges
- Vance Boelter was charged with two counts of second-degree murder and two counts of second-degree attempted murder
MINNEAPOLIS: A man accused of killing a Democratic state lawmaker while posing as a police officer is expected to appear in a Minnesota court on Monday afternoon on state murder charges.
Vance Boelter, 57, is being held in Hennepin County after he was arrested on Sunday following a massive manhunt over the weekend. Boelter is accused of shooting dead Melissa Hortman, the top Democrat in the Minnesota House, and her husband, Mark, in their home on Saturday.
Authorities said Boelter was also suspected of shooting and wounding another Democratic lawmaker, state Senator John Hoffman, and his wife Yvette at their home a few miles away.
Governor Tim Walz has characterized the crimes as a “politically motivated assassination.”
“A moment in this country where we watch violence erupt, this cannot be the norm. It cannot be the way that we deal with our political differences,” Walz said.
Boelter was charged with two counts of second-degree murder and two counts of second-degree attempted murder, a criminal complaint showed. He is scheduled to appear in court at 1:30 p.m. local time, jail records showed.
Three of those charges are punishable with jail terms of up to 40 years, according to a Hennepin County criminal complaint unsealed on Sunday.
Boelter had been impersonating a police officer while carrying out the shootings, wearing an officer’s uniform and driving a Ford SUV with police-style lights, the complaint said.
Boelter fled on foot early on Saturday when officers confronted him at Hortman’s Brooklyn Park home, said authorities who had warned residents to stay indoors for their own safety and unleashed the state’s biggest manhunt.
When police searched Boelter’s SUV after the shootings, they discovered three AK-47 assault rifles, a 9-mm handgun, and a list of other public officials including their addresses, the criminal complaint showed.
Working on a tip that Boelter was near his home in the city of Green Isle, more than 20 SWAT teams combed the area, aided by surveillance aircraft, officials said. Boelter was armed but surrendered with no shots fired.
The operation to capture Boelter, drawing on the work of hundreds of detectives and a wide range of federal, state and local law enforcement agencies, was the largest manhunt in state history, Brooklyn Park police Chief Mark Bruley said during a news conference on Sunday.
The killing was the latest episode of high-profile US political violence.
Such incidents range from a 2022 attack on former Democratic US House Speaker Nancy Pelosi’s husband at their home, to an assassination bid on Donald Trump last year, and an arson attack at Pennsylvania Governor Josh Shapiro’s house in April.
