Libya’s Agoco pledges half its early oil to Vitol
BENGHAZI: Libyan oil firm Agoco has promised to give half its early crude oil production to trading firm Vitol as payment for fuel supplied to rebels during the uprising against…
Oil gains ground as risk appetite recovers
LONDON: Brent crude rose on Wednesday as proposals from the European Commission to issue joint bonds reassured investors hoping for a resolution to the euro zone debt crisis. The move…
Orascom to invest up to $130 mln in Rwanda
KIGALI: Egypt's Orascom Construction Industries plans to invest up to $130 million in Rwanda in the next three to four years to build a methane power plant to produce 50…
Shuaa eyes brokerage buy in Egypt: sources
DUBAI: Shuaa Capital has looked at at least two brokerage companies in Egypt as potential acquisition candidates as the investment bank seeks to boost revenues amid a slump in its…
Turkey, Egypt mull joint Mediterranean gas drilling
CAIRO: Turkish Energy Minister Taner Yildiz said on Wednesday Turkey may carry out gas exploration in the Mediterranean with Egypt and that it was considering importing gas from the north…
IEA cuts oil demand growth forecasts for 2011, 2012
LONDON: World oil consumption will increase more slowly than expected this year and next as the pace of global economic growth eases, the International Energy Agency (IEA) said on…
Citadel’s African railway gets $70 mln capital increase
CAIRO: Five leading international investors have “fully subscribed” to increase the funds for Africa Railways, a platform company of Citadel Capital, by putting forth $70 million (LE 426.5 million) to…
Qualcomm and the internet of everything
SAN DIEGO/CAIRO: The future of mobile technology is this: Your phone will be the interface for your digital life. “Your digital sixth sense,” as Peter Lancia, senior director of corporate…
IMF loan still on the table, but official says no plans to accept
CAIRO: With no plans to accept any further loans from the International Monetary Fund or the World Bank, Egypt is reaching out to international investors and partnerships in order to…
Erdogan promotes stronger relations with Egypt, Arab World
CAIRO: Turkish Prime Minister stressed a future of stronger ties with Egypt and the Arab world, announcing increase in trade and investment and his country’s backing of the Palestinian statehood…