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Thursday, 2 February 2023

More golden licenses, oil exploration on the cabinet agenda

Cabinet rolls out approvals for four more golden licenses + 13 oil agreements: Prime Minister Moustafa Madbouly and his ministers took steps towards granting more golden licenses and oil agreements at this week’s cabinet meeting, according to a statement.

More golden licenses to come: The cabinet granted four unnamed companies — in the logistics, vaccine manufacturing, auto parts manufacturing, and hotel sectors — initial approval to obtain golden licenses. The companies will get final approval once they act on unspecified comments from cabinet members at the meeting.

Golden licenses? The license allows investors to obtain a single approval that covers everything from establishing a project, including land allocation and building licensing, through to its operation and management. Golden licenses were late last year awarded to nine big-ticket projects including a USD 5.5 bn green ammonia plant in Ain Sokhna. Check out our guide on golden licenses here.

More oil exploration to come: The cabinet approved 13 draft oil agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean. The exploration rights will go to the Egyptian General Petroleum Corporation (EGPC), EGAS, and a number of unnamed international companies once legislative procedures are completed.

REMEMBER- EGPC and Brenco just got the green light from the House to explore for oil offshore North Sinai.

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