Rédaction Africa Links 24 with Al-Masry Al-Youm
Published on 2024-02-20 08:11:58
Egyptian President Abdel Fattah al-Sisi made a significant announcement on Monday, confirming that Suez Canal revenues have seen a drastic decline of 40-50 percent. This drop in revenue can be attributed to tensions in the Red Sea resulting from Huthi attacks made in solidarity with Palestine.
President Sisi revealed this information during the inaugural ceremony of the Egypt Petroleum Show (EGYPES 2024) at Al Manara International Conference Centre in New Cairo. He stated that the shipping corridor, which typically generated approximately US$10 billion annually, has experienced a decline of 40% to 50% since the beginning of this year.
The President emphasized that the Egyptian economy has been severely affected by various external factors, including the coronavirus pandemic, the Russian-Ukrainian crisis, and current tensions across its borders with Libya, Sudan, and the Gaza Strip. These issues have collectively impacted the country’s economic stability and revenue streams.
Osama Rabie, the head of the Suez Canal Authority, also expressed concern over the declining revenues from Suez Canal. In a telephone interview with an Egyptian satellite channel in February, he disclosed that revenues had decreased from US$804 million recorded in January 2023 to $428 million during the same month in 2024. Rabie attributed this significant decline of 46 percent to the ongoing Red Sea crisis. Additionally, the number of ships crossing the canal has decreased from 2,155 in January of the previous year to 1,362 ships in the same month this year.
Turning our attention to EGYPES 2024, the event is being held under the theme “stimulating energy: securing supplies, energy transition, and emissions reduction” and will continue until February 21. The event has attracted approximately 35,000 attendees from 120 countries, including 2,200 members of delegations, along with more than 40 Egyptian and international energy, oil, gas, and energy technology companies scheduled to participate.
EGYPES 2024 features 80 discussion sessions focused on global energy dynamics, industry trends, regional progress, and collective actions toward achieving net-zero emissions. Over 300 speakers will be participating in these sessions. The accompanying exhibition, covering an area of 39 thousand square meters, includes pavilions representing 12 countries and 450 exhibiting companies from various nations.
The participation of countries like China, Cyprus, Germany, Greece, India, Italy, Romania, Spain, Turkey, the United Arab Emirates, the United Kingdom, and the United States of America is a testament to the international appeal of the event. This global presence underscores the importance of collaborating on energy, oil, and gas at an international level.
In conclusion, President Sisi’s acknowledgement of the decline in Suez Canal revenues serves as a reflection of the challenging times that Egypt is currently facing in terms of its economic stability. The EGYPES 2024 event, on the other hand, offers a glimmer of hope and opportunity for collaboration and progress within the energy and oil sectors. The international participation demonstrates a shared commitment to addressing global energy challenges and working towards a sustainable future.
Read Original article on Egypt Independent
