Egypt will set out its national low-carbon energy strategy in the coming weeks to adapt to technology advances and global geopolitical circumstances, said Tarek El Molla, the country's petroleum and mineral resources minister.
“Time evolves and technology advances and with the challenges that happened over the last few years, especially after the Russia-Ukraine war … we have started to update our energy strategy”, he said, at a British-Egyptian Business Association event in his honour on Monday evening in Cairo.
The ministry last presented its Integrated Sustainable Energy Strategy 2035 with the ministry of electricity and renewable energy in 2016.
At the UN climate conference Cop27 in November, host country Egypt brought forward its goal of sourcing 42 per cent of its energy from renewable sources by 2035 to 2030. Its current renewable energy component is about 20 per cent.
However, as the country suffers from the economic fallout of the Russia-Ukraine war, it is also looking for ways to solve its foreign currency crunch and maximise its natural gas exports.
Egypt has increased natural gas exports to Europe during its energy crisis, as supplies from Russia were cut by more than 80 per cent last year and prices surged.
Mr El Molla said at the Egypt Petroleum Show in Cairo last month that the state is planning to offer three international gas and oil tenders this year and has an “ambitious plan” to drill more than 300 exploration wells by 2025.
The war “unveiled the reality that the world is not ready today for renewables” to take over, Mr El Molla said on Monday. “The gap showed that you need to diversify with another source of supply for some time.”
Decarbonisation and a transition to low carbon energy sources, including natural gas, will be core elements of Egypt’s oil and gas sector strategy, Mr El Molla said.
Energy subsidy reform, energy efficiency, renewable energy and hydrogen are additional key pillars of the plan.
“We need to go away from subsidies. More subsidies means more consumption, means cheaper treatment of products, means more emissions, means more and more pollution,” Mr El Molla said. “If you put the right price for the right fuel, it reflects on the consumption.”
He emphasised that targeted social safety nets, such as Takaful and Karama, would continue to cushion vulnerable groups.
Egypt raised domestic gasoline prices by between 7 to 10 per cent earlier this month to bring them more in line with global levels.
It is a delicate balancing act as its population of 104 million — of which about 30 million live below the poverty line — faces record inflation and a weakening currency.
Natural gas
The government has been seeking to decrease the consumption of petroleum products in favour of decarbonised natural gas in recent years.
Egypt has been a net exporter of natural gas since 2019 and has been securing additional gas through regional co-operation with countries such as Israel and Cyprus.
In 1999-2000, out of 37 million tonnes of consumption annually, natural gas made up of 38 per cent and petroleum products 62 per cent, according to Mr El Molla.
By 2014-15, out of 73 million tonnes of consumption, the split was more even with natural gas making up 48 per cent and petroleum products 52 per cent.
In 2022-23, annual consumption is at 82 million tonnes with natural gas making up 65 per cent and petroleum products 35 per cent.
Fourteen million households now have natural gas connections, saving 845,000 tonnes of carbon emissions annually.
Half a million vehicles are running on compressed natural gas, saving 2.2 million tonnes of carbon emissions per year.
Energy efficiency and green projects
Energy efficiency projects over the last five years, with the technical support of the European Union, have resulted in annual energy savings of $130 million, Mr El Molla said.
The government has several planned green petrochemical projects that require total investments of $2 billion and would result in a carbon emissions reduction of 3.3 million tonnes annually.
Egypt has also endorsed the World Bank initiative for zero routine flaring by 2030 and the Global Methane Pledge launched at Cop26, which aims to reduce global methane emissions by at least 30 per cent from 2020 levels by 2030.
The Suez Canal Economic Zone signed a potential $83 billion worth of green hydrogen deals at Cop27.
The petroleum ministry is part of a national committee headed by the Prime Minister that is entrusted with preparing the country’s national low-carbon hydrogen strategy. This will include preparing an incentives package to promote investments into green hydrogen projects.
Oil and gas 'part of the solution'
Despite some criticism that the number of delegates with links to fossil fuels at Cop27 jumped 25 per cent from Cop26, Mr El Molla said their participation “showed the world that the oil and gas sector can be a part of the solution”.
Campaign group Global Witness found more than 600 representatives from the coal, oil and gas industries out of about 50,000 people attended the Sharm El Sheikh conference, up from 503 delegates in Glasgow.
Globally, the tone of seeing oil and gas companies as the “bad guys” has shifted, Mr El Molla said, and there is a recognition that engagement and alignment will ensure a smoother transition.
“Our industry will always be needed for decades to come, but we also need to be more responsible and we need to be part of the community,” he said.
The British Egyptian Business Association, established in 1996, is a non-profit organisation serving the interests of the British and Egyptian business community.
It organises trade missions between the two countries, showcases current key business issues and lobbies for change at a government level on behalf of members.
Sponsors for Monday’s event included British oil and gas exploration and development companies Capricorn Energy and Neptune Energy, as well as Egyptian Propylene and Polypropylene and Taqa Arabia.
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Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The specs
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Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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Lexus LX700h specs
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UAE currency: the story behind the money in your pockets
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Director: Jason Reitman
Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace
Rating: 2/5
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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UAE currency: the story behind the money in your pockets
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
UAE currency: the story behind the money in your pockets
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Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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CREW
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Poacher
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PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
CHATGPT%20ENTERPRISE%20FEATURES
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Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
UAE currency: the story behind the money in your pockets
The five pillars of Islam
