Egypt’s parliament thumbs up ports development, oil exploration, green hydrogen bills
Updated 1/3/2023 8:27:00 AM
Arab Finance: Egypt’s House of Representatives greenlit several bills, including a bill that paves the way for the government to allow the participation of private sector companies in developing container terminals and Italy’s Eni to explore for oil in the Western Desert, according to the Parliament’s website.
The parliament approved two bills allowing the government to grant the construction, development, use, management, operation, maintenance, and re-delivery of the container terminal at Dekheila Port’s pier 100 and a container terminal at Ain Sokhna Port to an international and local alliance.
In 2022, Hutchison Ports signed initial agreements with the government to build two container terminals at the ports of Sokhna and Dekheila, in cooperation with CMA, COSCO, MCC, and CMG.
The parliament also finally approved a draft law authorizing the Minister of Petroleum to contract with the Egyptian General Petroleum Corporation (EGPC) and IOC Production B.V., a subsidiary of the Italian company Eni, to explore for oil in the Western Desert.
Also, Egypt’s House of Representatives approved a presidential decree of a grant worth €500,000 from the French Development Agency (AFD) to develop the green hydrogen sector in the country.
During its plenary session, it was approved to amend and reformulate the agreement signed in 2019 between the Egyptian National Railways and the Hungarian Export-Import Bank, to supply 1,400 new passenger vehicles.
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