News

HFI is delighted to be attending EGYPES2024 being held in Cairo from 19th –21st February with Hadir Helal, HFI’s partner in Helal & Fraser International, a joint venture between Egyptian lawyer, Hadir Helal and Scottish lawyer, Hugh Fraser.  

Last week ADNOC Group and bp announced a new joint venture in Egypt, focusing on gas asset development. The BP-ADNOC Egyptian joint venture expected to form in late 2024, will be 51% owned by BP and 49% by ADNOC.  This is a major shot in the arm for the Egyptian petroleum sector.

Egypt’s privatisation programme is rolling forward with a target of raising US$6.5 billion.  The government plans structural reforms to spur economic recovery and boost the private sector, including incentives for strategic sectors, including energy. The strategy involves offering stakes in 35 state-owned firms to investors by mid-2024, aligning with the State Ownership Policy Document, to optimize asset management and attract investment.

Egypt has implemented numerous reforms in its energy sector, gradually phasing out electricity subsidies and introducing feed-in tariffs to encourage renewable energy generation. These reforms have led to a notable increase in investments and have bolstered electricity production over the past five years, ensuring a reliable supply nationwide. 

Submitted in 2017, Egypt’s Nationally Determined Contribution (NDC) is contingent upon securing $73 billion in international funding for the period of 2020–2030 and is complemented by the National Climate Strategy 2050, unveiled in November 2021. Renewable energy lies at the heart of Egypt’s Vision 2030, which seeks to establish a diversified, competitive, and sustainable economy.

Helal & Fraser International was formed to support clients’ Egyptian business energy ventures including advanced petroleum technology and energy transition technology, supporting clients to address key challenges including foreign ownership laws, local partner agreements, technology licences, manufacturing facilities contracts, corporate taxation, and Egyptian localisation.

Looking forward to catching up with key contacts at EGYPES 2024 including Kuwait Energy and TransGlobe and to attending the Egypt Oil & Gas cocktail hosted by CEO, Mohammad Fouad with guest of honour Tarek El Molla, Minister of Petroleum and Mineral Resources.