PUTIN WOOS AFRICAN LEADERS AT SHOWCASE SUMMIT, SAYS RUSSIA IS BETTER PARTNER THAN 'COLONIAL' WEST. (PHOTO).

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 Putin woos African leaders at showcase summit, says Russia is better partner than 'colonial' West President Vladimir Putin told African leaders ​on Wednesday that Russia was their best partner, accusing what he cast as a colonial West of still trying ‌to exploit the continent's resources and using debt to hold back development, Reuters reported. The Kremlin chief was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries, during which he will hold one-on-one talks with many of the 22 individual African leaders ​attending on everything from trade to security, arms deals and grain supplies. "Africa is increasingly asserting itself as one of the key players in the global economy and politics. However, the emergence of a multipolar world is, of ​course, no easy task; it faces resistance from countries that are not prepared to accept this reality: those who are accustomed to ​thinking i...
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EGYPT APPROVES ENERGY EXPLORATION PROJECTS WORTH $200M.(PHOTO).

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 Egypt approves energy exploration projects worth $200m


Egypt’s Cabinet has approved several petroleum commitment agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies, with investments totalling $200 million.


In a statement the government highlighted these approvals as part of its intensified efforts to address the ongoing electricity shortage crisis, which has led to daily power cuts of up to three hours, Anadolu Agency reported.


The deals include a commitment to explore and exploit natural gas and crude oil in the North Port Fouad offshore area in the Mediterranean Sea and cover similar projects in the South Nour offshore area in the Mediterranean and the North El-Khatatba onshore area in the Nile Delta.


The agreements also involve amendments to existing commitments for oil exploration, development and exploitation in the Horus Development Area in the Western Desert, and another in the South Dabaa Development Area.


Egypt is a significant natural gas producer, with an average annual production of around 60 billion cubic metres. However, this falls short of the nation’s annual demand of about 62 billion cubic metres.


The new agreements highlight Egypt’s ongoing efforts to enhance its energy sector and develop its natural resources.

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