Middle East / Africa

Country profile: Egypt

Location:

Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip, and the Red Sea north of Sudan, and includes the Asian Sinai Peninsula

Climate:

desert; hot, dry summers with moderate winters

Terrain:

vast desert plateau interrupted by Nile valley and delta

Size:

1001450 sq. km total (Land area: 995450 sq. km Water area: 6000 sq.km)

Population:

81,713,517 (July 2008 est.)

Languages:

Arabic (official), English and French widely understood by educated classes

Government:

republic

Capital city:

Cairo

Legal system:

based on Islamic and civil law (particularly Napoleonic codes); judicial review by Supreme Court and Council of State (oversees validity of administrative decisions); accepts compulsory ICJ jurisdiction with reservations

Currency:

Egyptian pound (EGP)

Licensing:

Country profile

Energy will continue to play an important role in Egypt's economy in coming years. Though Egypt’s net exports of crude oil and petroleum products have declined in recent years, higher prices on world markets have pushed Egypt's oil revenues upward. The country also began exports of liquefied natural gas (LNG) in January 2005, adding to its hydrocarbon revenues. Additionally, Egypt's economy is continuing its gradual recovery from the declining growth rates it experienced in 2001 and 2002, but with a growth rate still far below what was achieved in the 1990s. The country's real Gross Domestic Product (GDP) grew 4.9 percent in 2005, after achieving real growth of 3.6 percent in 2004. Real GDP growth is forecast at 5.7 percent for 2006. Remittances from Egyptian workers in the Persian Gulf region have risen with higher oil prices, and tourism has recovered to near pre-September 2001 levels.

In a normal year, tourism revenues account for about 5 percent of Egypt's GDP, and are among the country's five main sources of hard currency inflows (the others being remittances from Egyptian workers abroad, hydrocarbons exports, Suez Canal tolls, and foreign aid). Over the long term, Egypt's macroeconomic prospects may improve, but Egypt's main challenge is reducing unemployment. Unofficial estimates put Egypt's unemployment rate in the 15-25 percent range, roughly twice the official figure. The government plans to accelerate its program for the privatization of state-owned enterprises (SOEs), though to date, the privatization program has moved slowly because of large SOE debt and severe overstaffing.

Energy production and consumption

Oil

Gas

Production:

688,100 bbl/day (2005 est.)

40 billion cu m (2005 est.)

Consumption:

635,000 bbl/day (2005 est.)

32 billion cu m (2005 est.)

Exports:

152,600 bbl/day (2004 est.)

7 billion cu m (2005 est.)

Imports:

69,860 bbl/day (2004 est.)

Reserves:

3 billion bbl (2007 est.)

1 trillion cu m (1 January 2006 est.)

Major fields:

Egypt - recent news

22 Oct 26	Egypt: Scatec and EBRD establish renewable energy investment platform in Egypt Scatec, a leading renewable energy solutions provider, and the European Bank for Reconstruction and Development ('EBRD') have signed a share purchase agreement establishing a renewable energy investment platform for Egypt. The platform will be owned 60% by Scatec and 40% by EBRD. EBRD has committed up to USD 221 million to the platform.
20 Oct 26	Egypt: Eni launches start-up activities for the Meleiha Phase 2 project in Egypt’s Western Desert Eni, through Agiba Petroleum Company, the joint venture between Eni and EGPC (Egyptian General Petroleum Corporation), has launched the start-up activities of the Meleiha Phase 2 (MP2) project in Egypt’s Western Desert.
01 Oct 26	Egypt: Scatec starts construction of the 900 MW Shadwan wind project in Egypt Scatec, in partnership with EDF power solutions ('EDF'), has started construction of the 900 MW Shadwan onshore wind project in Egypt. In connection with the project, Scatec has signed equity bridge loan (EBL) agreements totalling USD 150 million with The Arab Energy Fund (TAEF). The 3-year EBL facility comprises USD 50 million for Shadwan and USD 100 million for the 1,950 MW solar 3,935 MWh BESS Energy Valley project.
25 Aug 26	The President of Egypt Abdel Fattah El-Sisi meets Eni CEO Claudio Descalzi The President of the Arab Republic of Egypt, Abdel Fattah el-Sisi met today with Eni Chief Executive Officer Claudio Descalzi to discuss Eni's strong partnership with Egypt and the company’s upcoming new initiatives. During the meeting, Eni CEO Descalzi reviewed the company’s recent investments in the Country’s Upstream sector, which helped to confirm Eni’s role as Egypt’s top oil and gas producer and continue creating value for Egypt’s energy sector by driving a substantial increase in new gas production.
12 Aug 26	Egypt: Scatec reports commercial operations reached for the final phase of the Obelisk project in Egypt Scatec, a leading renewable energy solutions provider, has successfully reached Commercial Operations Date (COD) for the second phase of its 1.1 GW Obelisk solar and 100 MW/200 MWh battery storage project in Egypt.