Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Egypt Approves $200 Million in Energy Projects

Egyptian cabinet met on Tuesday (Aswat Asharq Al-Awsatt)
Egyptian cabinet met on Tuesday (Aswat Asharq Al-Awsatt)
TT

Egypt Approves $200 Million in Energy Projects

Egyptian cabinet met on Tuesday (Aswat Asharq Al-Awsatt)
Egyptian cabinet met on Tuesday (Aswat Asharq Al-Awsatt)

Egypt approved five agreements for gas and crude oil exploration projects for a number of international and national companies, with expected investments of about $200 million, the Egyptian Cabinet said in a statement on Tuesday.

“The Cabinet approved five projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and national companies, with expected investments of about $200 million,” the statement said.

The agreements included a draft commitment agreement to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean between EGAS and IEOC Production BV.

The agreements further included a draft commitment agreement to search for and exploit gas and crude oil in the South Nour offshore area in the Mediterranean Sea, between EGAS and IEOC Production BV.

The Cabinet approved another draft commitment agreement for the exploration and exploitation of gas and crude oil in the North Al Khatatbah onshore area in the Nile Delta between EGAS and ZN BV LTD.

The draft agreements also included a draft amendment to the commitment agreement to search for, develop, and exploit oil in the Horus Development Area in the Western Desert between EGPC, Tharwa Petroleum Company, and the General Petroleum Company (GPC).

Another draft commitment agreement was approved to search for, develop, and exploit oil in the South Dabaa Development Zone (SD-3) in the Western Desert between EGPC and HPS International Egypt Limited.



Aswat Asharq Al-Awsat : Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
TT

Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more US economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest level since May 20, when bullion scaled a record peak of $2,449.89.

US gold futures were flat at $2,429.90.

"Powell continued to lay the groundwork for upcoming policy easing. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Ron, Reuters reported.

Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.

When interest rates decrease, the allure of non-yielding bullion typically increases.

Investors were awaiting US retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.

A subdued retail sales report may underpin gold prices on dovish Fed bets, while a break to a fresh high will mark a continuation of gold's broader upward trend, which may leave the $2,600 level on watch next, Yeap said.

Elsewhere, India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.

Among other metals, spot silver fell 0.9% to $30.72 per ounce and platinum eased 0.4% to $991.40, while palladium rose 0.2% to $951.84.