Category: ECONOMY
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EuroAfrica cable enters crucial phase
The EuroAfrica Interconnector, a planned subsea electric cable connecting the Egyptian, Cypriot and Greek power grids to continental Europe has entered a crucial phase of conducting project studies with a signing ceremony for a memorandum of understanding among all parties having taken place on Monday. The officials attending the signing ceremony in Cairo endorsed their…
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Total to start exploratory drilling off Cyprus with Greece following
The discovery of natural resources in Israel and Egypt has motivated big companies to look into the Eastern Mediterranean closer. The French oil exploration company Total is ready to start exploratory marine drilling off Cyprus. What made this possible was the discovery of the Egypt’s Zohr deposit. Experts argue that the chances for deposits of similar value in Cyprus’…
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Egypt sets up new fund to revive tourism industry
Egypt has set up a new fund worth 5 billion Egyptian pounds ($267 million) to upgrade hotels, tourist resorts and Nile floating boats across the country as part of efforts to revive its ailing tourism industry. The new fund, which was announced by the Central Bank of Egypt (CBE) on Dec. 26, would finance maintenance and…
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French Total preparing to drill off Cyprus for natural gas, says ministry source
French energy company Total is preparing to make an exploratory marine drilling off Cyprus, a Ministry of Commerce and Energy source said on Saturday. Total, along with Italy’s ENI and Exxon Mobil, was awarded licenses for hydrocarbons exploration by Cyprus last month. The ministry source said Total plans to drill in block 11 of Cyprus’…