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In remarks on this occasion, Minister Al-Kaabi previous targets of 25% and 15%, respectively) to curtail its vast and sprawling economic empire
stressed QatarEnergy’s strong commitment to bolstering Qatar’s commitment to responsibly and to help Egypt pay off its foreign debt, which
mitigating the effects of climate change. supply cleaner LNG at scale in support of the climbed from $37bn in 2010, before the Arab
“This MoU affirms QatarEnergy’s Sustaina- energy transition. Spring uprisings, to $158bn as of March, accord-
bility Strategy and our efforts to implement effec- The roadmap includes the development of ing to Egyptian central bank figures, since which
tive measures to curb emissions and produce carbon capture and sequestration, the utilisation time the Egyptian pound has lost more than 22%
cleaner energy using the latest proven emissions of hydrogen, and the potential usage of ammo- of its value against the US dollar.
reduction technologies. We are pleased to work nia in GE gas turbines to reduce their carbon Egypt has $83.3bn of foreign-currency debt
with GE, who is a strategic partner, to pursue emissions. outstanding, including more than $5bn dollar-
all available avenues including the use of clean QatarEnergy, September 21 2022 and euro-denominated securities coming due in
energy carriers such as hydrogen as a fuel for gas the fourth quarter, according to data compiled
turbines coupled with efficient and affordable Egypt plans to privatise by Bloomberg.
carbon capturing technologies from such tur- bna/IntelliNews, September 28 2022
bines, on an unprecedented scale, to achieve a military-owned companies
substantial reduction in CO2 emissions,” Min- Middle East Oil Refinery
ister Al-Kaabi said. Safi, Wataniya Petroleum
On his part, Joseph Anis said: “QatarEn- expansion to raise refining
ergy has a clear vision to lead the transition to a by year-end
lower carbon industrial landscape. GE has been capacity by 60%, Egypt’s
honored to support the development of Qatar’s Egypt plans to privatise two military-owned
energy infrastructure for decades and we are firms following their restructuring before the petroleum minister says
delighted to collaborate with QatarEnergy on end of 2022, according to a cabinet statement.
their evolving sustainability journey. Exploring The army is offering to sell to private investors The Middle East Oil Refinery (MIDOR) expan-
pre- combustion technologies such as the use the National Company for Producing and Bot- sion will increase refining capacity and provide
of low carbon fuels to generate power, and post tling Water (better known by the brand name petroleum products with the highest qual-
combustion technologies such as carbon capture Safi), and Wataniya Petroleum, the owner of gas ity specifications to meet local market needs,
and sequestration, can potentially significantly filling stations. Egypt’s Petroleum Minister Tarek El Molla
reduce the CO2 emissions from QatarEnergy’s Both companies are owned by the National reportedly said.
facilities. Service Products Organisation (NSPO), the The minister’s comments came following the
Looking ahead, Qatar has the possibility of umbrella organisation that owns the military-in- launch of early operation of the second phase of
becoming a leading global player in the areas dustrial complex’s consumer subsidiaries. The the MIDOR refinery expansion project. The pro-
of hydrogen, ammonia, and CCS by helping to government is targeting to partially dispose of ject aims to raise the current production capacity
pilot and scale up these technologies for the rest these assets to an anchor investor, most probably of the refinery by 60% to 160,000 barrels per day
of the world.” from the Gulf, before offering an equity share on (bpd).
QatarEnergy has recently updated its Sus- the Egyptian Stock Exchange (EGX). The expansion phase consists of building new
tainability Strategy, which outlines multiple Established in 1979, the NSPO is responsible warehouses with the capacity to store 400,000
initiatives to reduce greenhouse gas emissions, for meeting the production needs of the military barrels of crude and 290,000 barrels of inter-
including flagship initiatives such as the further and local market demand for various crucial mediate products. In addition, projects include
deployment of carbon capture and sequestra- developmental sectors. a natural gas pressure reduction station built by
tion technology to capture over 11mn tonnes Its portfolio spans companies in agricultural GASCO with a total capacity of 1.4mn cubic
per annum of CO2 in Qatar by 2035. These pro- and food industry, manufacturing, engineering, metres of gas per day to supply Midor Electricity
jects are expected to further reduce the carbon services and mining. Company (Midelec) for electricity generation
intensity of Qatar’s LNG facilities by 35%, and The Egyptian military is selling some of its purposes.
of its upstream facilities by 25% (compared to assets under pressure from international lenders bna/IntelliNews, September 27 2022

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