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Egypt Records Trade Surplus Of $2.35b

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Egypt Records Trade Surplus Of $2.35b

The soaring export of North African country, Egypt, has triggered a trade surplus exceeding $2.35 billion with 19 countries, including 14 Arab and five foreign countries, from January to May 2018.

Trade surplus is the amount by which the value of a country’s exports exceeds the cost of its imports.

The Arab Countries included the United Arab Emirates, Jordan, Syria, Libya, Mauritania, Yemen, Sudan, Somali, Palestine, Tunisia, Algeria, Djibouti, Lebanon and Morocco.

On the other hand, the foreign countries are Cyprus, Slovenia, Israel, Kenya and Ethiopia.

The United Arab Emirates ranked the first in the list with a trade surplus of $848 million, as exports reached $1.2 billion, compared to imports of $362.03 million.

Jordan came in second place, with an amount of $209.3 million, in which exports recorded $294.9 million and imports hit $85.58 million.

Egypt’s exports to Syria reached $120.64 million, while imports recorded $35.5 million, marking a trade surplus of $85.13 million.

Trade surplus with Tunisia hit $117.95 million with exports of $202.54 million and imports of $84.59 million.

Palestine and Egypt recorded a trade surplus of $49.67 million as Egypt exported to it by $50.15 million and it imported by $481,000.

As per Cyprus, Egypt received imports from it worth $21.97 million, while exporting to it by $39.56 million, with a trade surplus of $17.58 million.

Egypt exports to Kenya are worth $143 million, compared to imports of $123.751 million, with a trade surplus of $19.261 million.

In general, Egypt’s exports reached $12.4 billion during the first five months of 2018; the Arab countries allocated $4.2 billion of it.

Egypt with a population of 95.69 million links northeast Africa with the Middle East.

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Ghana Opens First Round Of Bidding For Exploratory Licenses

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Ghana Opens First Round Of Bidding For Exploratory Licenses

President Nana Akufo-Addo announced the opening of the country’s first open and competitive round of bidding for energy exploration licenses, with three offshore blocks being offered. Previously, Ghana had awarded leases through a closed negotiation process.

All of the blocks are located in ghana’s central basin. To undertake the exploration and extraction.

Bidders have to show financial capacity and technical expertise and present a timetable for their exploration and development program.

President Akufo-Addo also announced a review of all licensing agreements covering blocks that were inactive, where concession holders had not undertaken the required exploratory or development work.

This move could see a number of blocks re-enter the market, either through competitive bidding or direct negotiations, generating further interest in the upstream component of the industry from both independent operators and major players.

Although the development of these offshore sites will require significant investment, rising international oil prices could well justify the expense.

Development of major offshore oilfields is set to boost export earnings and stimulate investment inflows.

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Namibia National Council Chairperson Tasks MPs On Safe Driving

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Namibia National Council Chairperson Tasks MPs On Safe Driving

As the Namibian National Council adjourned for the holidays on Thursday, chairperson margaret mensah-williams gave an unusual advise to members of parliament. She asked them to take the lead by being safe drivers and obey traffic rules.  She especially harped on obeying speed limits.

She referred to some highways in the country that have historically recorded high numbers of accidents, some of which had involved members of parliament.  One of such fatal accidents recently occurred on the country’s b-one highway.

Mensah-williams advised everyone to be responsible drivers this holiday season, asking drivers to be more patient on the roads.  She said it is unacceptable that road accidents have become the leading causes of death in the country.

She warns against drinking and driving and gender-based violence, appealing to namibians not to rape, kill or abuse their partners and children in anyway whatsoever.

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Angola Admitted Into Gas Exporting Countries Forum As Observing Member

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Angola Admitted Into Gas Exporting Countries Forum As Observing Member

Angola has been admitted into the Gas Exporting Countries Forum as an observer member. GECF is an international governmental organization based in Doha, Qatar.

The group brings together the world’s leading gas producers and supports the sovereign rights of member countries over their gas resources.  It also helps them with their rights and capability to manage, develop, use and conserve those resources in a way that is sustainable, efficient and environmentally friendly.

Executive Chairman of African Energy Chamber, N.J. Ayuk said this is a step in the right direction for Namibia, and it’s in line wth the country’s  economic goals and projects.  He also said this would help in expanding economic diversification.

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