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Egypt
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Egypt's second largest oil producer is Petrobel, which is a joint venture between EGPC and Agip of Italy. Petrobel operates the Belayim fields near the Gulf of Suez and ... is undertaking an upgrade program to stem declining production. Other major companies in the Egyptian oil industry include Badr el-Din Petroleum Company (EGPC and Shell); Suez Oil Company (EGPC and Deminex); and El Zaafarana Oil Company (EGPC and British Gas -- BG). A new oil find was reported in October 2001 in the Gulf of Suez. Canada's Cabre Exploration reported a drilling success in the offshore East Zeit block which tested at around 8,000 bbl/d. A larger new find, which may prove to attenuate the fall in overall Gulf of Suez production, was announced by BP in May 2003. The Saqqara field, located offshore adjacent to the existing El-Morgan field, is expected to reach peak production of around 40,000 to 50,000 bbl/d, and begin commercial production in late 2005 or early 2006. Saqqara represents the largest new crude oil discovery in Egypt since 1989.
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Even in the time of Abraham, Egypt was a flourishing and settled monarchy. Its oldest capital, within the historic period, was Memphis, the ruins of which may still be seen near the Pyramids and the Sphinx. When the Old Empire of Menes came to an end, the seat of empire was shifted to Thebes, some 300 miles farther up the Nile. A short time after that, the Delta was conquered by the Hyksos, or shepherd kings, who fixed their capital at Zoan, the Greek Tanis, now San, on the Tanic arm of the Nile. All this occurred before the time of the new king "which knew not Joseph" (Ex. 1:8).
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It's interesting to note that at one time Egypt may have covered an even larger area. In 1833, the Sangamo Journal mentioned a settlement called Egypt in Morgan County west of Springfield. Egypt post office was first established on Feb. 12, 1858, in Mason County north of Springfield. In 1861, the post office name changed to Manito and is still active.
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CAIRO, Egypt, Nov. 27 /PRNewswire-FirstCall/ -- SAP AG today announced that the Egyptian government has selected SAP as its strategic IT provider for enterprise resource planning (ERP) software. Central to the development of Egypt's growing communication and information technology (CIT) sector, a comprehensive memorandum of understanding binds the two parties to a multi-million dollar five-year agreement beginning 2008, a four-year deal with Egyptian National Postal Organization (ENPO). In addition, both parties intend to establish a partnership for a certified SAP customer support center in Egypt in an effort to boost job creation.
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Egypt led in the formation of the Arab League and was a charter member of the United Nations (UN), both of which were formed in 1945. Egypt played a leading role in Arab opposition to Israel, participating in wars against Israel in 1948-1949, 1956, 1967, and 1973 and spearheading an Arab economic boycott against the Jewish state. In 1979... Egypt became the first Arab state to sign a peace treaty with Israel. This treaty led to a period of relative isolation, as Egypt was ostracized by other Arab governments. Egypt was ousted from the Arab League, whose secretariat was moved to Tunis. But because Egypt supported Iraq in its war against Iran and also mended its fences with Palestinian leader Yasir Arafat and with Jordan’s King Hussein, relations gradually improved during the 1980s.
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Consumer confidence in Egypt slipped in the second half of 2006, but ... remains high, according to an index for South Asian and African countries produced by MasterCard (link here). Egypt stood at 78.2 points on the index’s 100-point scale, down from 83 points in the first half of 2006, when it was at its highest since 2004. To construct its index, MasterCard asks a random sample of consumers to answer questions on five variables: unemployment, economic growth, income, the stock market and standard of living. Any score above 50 indicates positive consumer confidence. Egypt ranked fourth in the Middle East. The index, which has a standard of error of less than 3%, is used by international corporations, including MasterCard, when taking investment decisions in Egypt.
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