Latest news with #Suez
Khaleej Times
16 hours ago
- General
- Khaleej Times
Watch: Ship runs off course, hits dock in Egypt's Suez Canal; no injuries reported
A diving vessel briefly ran aground during its northbound transit through Egypt's Suez Canal but was safely refloated within 60 minutes, the Suez Canal Authority (SCA) said on Saturday. No injuries were reported as a result of the incident that took place on Friday. The site is currently being assessed for some damage, but the structure of the ship, Red Zed 1, is sound, the SCA added. Red Zed 1 is a 217-meter-long, 43-meter-wide diving vessel with a gross tonnage of 41,000 tonnes. It was transiting the canal en route from the Netherlands to Sudan. In a statement, the SCA said that the ship "experienced a sudden steering failure... The swift response prevented a major collision with the ferry dock." Stay up to date with the latest news. Follow KT on WhatsApp Channels. Three tugboats, Misr El Gedida, Mosaed 4, and Suez 1, were dispatched and managed to stabilise the vessel. The authority shared a video of the vessel escorted by the three tugboats to the Ballah area and then to the Great Bitter Lakes. Take a look: The video of the incident itself went viral and was shared by media outlets and social media users. Khaleej Times could not verify the authenticity of the clip. The SCA clarified that its pilots aboard managed to steer the vessel parallel to the dock, minimising impact. Supervisors detected the ship's deviation early and immediately notified a ferry that was docking at the site to evacuate passengers. SCA Chairman Osama Rabia stressed that navigation in the Suez Canal was unaffected by the incident, and ferry services across the canal resumed promptly after a backup ferry was deployed. "After temporary repairs and completion of investigations, the vessel can continue its journey," the authority said. The Suez Canal is one of the world's most vital waterways for global shipping and trade. One of the most significant maritime incidents in recent history occurred in the canal on March 23, 2021, when the Ever Given, a 400-meter-long container ship operated by Evergreen Marine, ran aground, blocking one of the world's busiest trade routes for six days. The vessel, which was en route from China to the Netherlands, became lodged sideways across the canal due to high winds and human error, according to investigations. The ship was eventually refloated on March 29 by the SCA with the help of tugboats, dredgers, and international salvage teams.
Zawya
11-06-2025
- Business
- Zawya
EBRD backs Egypt's first private-to-private electricity contracts
Egypt has taken a significant step towards energy market liberalisation with the approval of its first private-to-private (P2P) electricity contracts. Under a new pilot scheme, developed with technical support from the European Bank for Reconstruction and Development (EBRD), four renewable energy projects with a combined capacity of 400 MW have been granted permission to sell electricity directly to industrial consumers. The pilot follows the introduction of new P2P regulations, jointly developed by the EBRD and the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA), and approved last year. These rules allow private electricity generators to supply power directly to consumers using the national grid, marking a departure from Egypt's longstanding single-buyer model. The four approved projects under the scheme are: KarmSolar, which will build a 100 MW solar plant to supply electricity to Suez Steel; AMEA Power, which is constructing a 100 MW solar facility to serve BEFAR Group and the Suez Canal Container Terminal; TAQA PV, which will install a 100 MW hybrid system combining solar and wind to power operations at Ezz Steel; and Enara, which is developing a hybrid plant to deliver 100 MW to El Alamein Silicone Products Company and Helwan Fertilisers. The introduction of P2P rules is a major milestone in implementing the 2015 Electricity Law, which set Egypt on a path toward a competitive and liberalised electricity market. By enabling private generators to contract directly with consumers, the new framework fosters competition, broadens consumer choice, and creates new investment opportunities in renewable energy. The move is also seen as a practical solution for expanding electricity generation without relying on state-funded contracts. All electricity under these agreements will be generated and financed by the private sector, reducing fiscal pressure while accelerating the country's green energy transition. 'This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition,' said Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean region. 'By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.' Mohamed Mousa Omran, Chairperson of EgyptERA, also welcomed the development: 'This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.' The EBRD's support for EgyptERA was made possible through funding from the Swiss State Secretariat for Economic Affairs (SECO), a longstanding partner in the Bank's policy engagement efforts across the region. The initiative is part of the EBRD's Renewable Energy Programme, which currently supports 16 countries in developing market-based frameworks to attract private investment in clean energy. To date, the programme has supported the award of over 8,500 MW of renewable energy capacity across eight countries, reinforcing the EBRD's role as a key enabler of the global energy transition.
BBC News
03-06-2025
- Business
- BBC News
Newton Heath tip to close for year-long upgrade
A tip will be closed for a year so "vital improvements" can be Street household waste and recycling centre in Manchester will close on 29 parking bays will be put in, more recycling containers will be added, and there will be a place for items that can be re-used rather than thrown away, the Greater Manchester Combined Authority said. The closure means Manchester will only have two tips open for much of the next 12 months, but residents will be able to use recycling centres in other boroughs free of charge. The Newton Heath tip will "no longer need to close for short periods throughout the day when full containers are moved and changed", the authority added. The changes "will allow us to collect more types of items for recycling and provide a better customer experience," said Andrew Bewicke from site management firm Suez. Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.
Zawya
03-06-2025
- Business
- Zawya
Egypt shows early signs of economic stabilisation amid global headwinds: HSBC
Simon Williams, HSBC's chief economist for Central and Eastern Europe, Middle East and Africa (CEEMEA), and Helen Belopolsky, the bank's global head of geopolitical risk, presented their outlook on Egypt's economy to clients and stakeholders during a series of exclusive briefings held last week at HSBC Egypt's Head Office. "Inflation is stabilizing, the currency is holding, the budget deficit is easing, and interest rates are starting to fall. But while this means Egypt's rebalancing is now well underway, ongoing policy discipline will be key to complete the process, particularly with Suez revenues, the energy sector under pressure, and geopolitical risks still unresolved," Williams said. 'As global geopolitical dynamics continue to evolve, it is increasingly important for the businesses to adapt to persistent volatility, with Egypt's reform program well underway, the country is strongly positioned to capitalize on the opportunities emerging from today's shifting geopolitical landscape,' Belopolsky added. Todd Wilcox, HSBC Egypt deputy chairman and chief executive officer, commented, 'The fundamental opportunities in Egypt have shifted. Liquidity in the market is improving, and trade flows are starting to shift. New investors see Egypt as a manufacturing hub; this will help boost exports and reduce future foreign currency (FX) risk. For 44 years, HSBC has been a trusted partner to businesses in Egypt, and our commitment to their growth and success remains steadfast.' Addressing nearly 100 business leaders and clients in Cairo, Williams and Belopolsky emphasized that despite ongoing geopolitical headwinds, Egypt is showing early signs of economic stabilization. They noted that the country is currently halfway through an economic adjustment phase, supported by political stability and rising regional opportunities, which together are laying the foundation for renewed momentum. The briefings also served as a forum for participants to exchange perspectives on navigating the shifting global and regional landscape. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
Egypt approves $388m in private renewable energy projects for direct industrial supply
Egypt's Minister of Electricity and Renewable Energy, Mahmoud Esmat, has awarded qualification certificates to four companies selected to operate under the country's newly adopted private-to-private (P2P) power agreement model. The initiative allows private energy producers to generate and sell electricity directly to industrial consumers, marking a transformative step in Egypt's energy liberalization strategy and commitment to sustainable development. The approved projects represent a combined capacity of 400 megawatts and total investments of $388m. Each company will build its own renewable energy power plant and supply electricity directly to industrial clients, while paying a transmission fee to the Egyptian Electricity Transmission Company (EETC). These agreements are structured with no financial burden on the state and do not require sovereign guarantees. Among the newly qualified projects, Neptune for Electricity Production and Sales will supply solar power to the Suez Steel Plant. AMEA Power will provide electricity from its solar facility to the Suez Canal Container Terminal and Bivar Group for Chemicals. TAQA PV is set to supply Ezz Steel through a hybrid solar and wind power station, while ENARA for Renewable Energy Services will generate electricity from a hybrid facility for both the Helwan Fertilizers plant and the Alamein Silicon Products Complex. Minister Esmat stated that the initiative is being implemented in line with Egypt's Electricity Law, which is designed to open the market to competition, enhance efficiency, and attract private investment. He emphasized that liberalizing the electricity sector is a key strategic step in building a dynamic, competitive energy market that reduces costs, improves service quality, and strengthens Egypt's role as a regional energy hub. The Minister highlighted that the P2P framework enables industrial consumers to secure reliable, renewable electricity while contributing to their climate goals. These projects will also allow companies to certify their clean energy usage and reduce emissions, facilitating access to green export markets. Esmat noted that the Egyptian Electric Utility and Consumer Protection Regulatory Agency had completed its review of qualification submissions from seven companies, each proposing 100-megawatt renewable energy projects. The evaluation process was conducted in collaboration with a global consulting firm and the European Bank for Reconstruction and Development (EBRD), which helped develop the regulatory guidelines and legal framework for the P2P agreements. He reaffirmed the Ministry's commitment to building a transparent and investor-friendly environment that enables both producers and consumers to actively participate in Egypt's energy transition. These efforts are integral to supporting the national green economy agenda, expanding renewable energy capacity, and modernizing the country's power infrastructure. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
