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Egypt

Egypt to invest $748.5M in drilling 46 new oil and gas wells

These measures aim to cut gasoline use and deliver economic and environmental benefits.

El-Wazir confirmed that the ministry will fully support the project, including expediting the industrial licensing process and other procedures.

Shell and BP to launch production from the Harmattan gas field by the first quarter of 2026, with initial investments at $370mln.

El-Wazir said the government was advancing industrial localisation through incentives and simplified investment procedures.

According to FRA reports, the size of Egypt’s factoring industry in 2023 amounted to LE 44 billion, serving just 605 clients.

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