- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Renewables
EU Launches €25 Bn T-MED Initiative to Drive Mediterranean Clean Energy Infrastructure
The European Union (EU) launched the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation (T-MED) flagship initiative on June 9, aiming to mobilize up to €25 billion in total investment allocations by 2035, noted a press release by the EU.
jet fuel
UK to Fully Ban Russian Diesel, Jet Fuel Imports by 2027
The UK government announced that imports of diesel and jet fuel refined from Russian crude oil in third countries will be fully banned from January 1, 2027,according to Reuters. The decision follows a government move last month to delay the implementation of the ban amid concerns over supply disruptions caused by US-Israeli Strike on Iran. It noted that existing sanctions were not being lifted, but new sanctions were being phased in.
US
Oil Markets Reassess Gulf Supply Losses Amid Hormuz Disruptions
Oil markets continue to reassess the impact of the conflict with Iran following Tehran's declaration that the Strait of Hormuz was "closed," even as evidence suggests Gulf crude oil exports have sustained momentum despite disruptions, Reuters reported.
Ritz Mining
International Miners Applauds Egypt’s Geological Potential
Egypt's mining sector is on the right track to attract more international investors following recent regulatory reforms, three executives of international mining companies told Petrocast , the Ministry of Petroleum and Mineral Resources (MoPMR)'s podcast.
Ain Sokha
Egypt’s Petroleum Minister Inspects Ain Sokhna FSRUs
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the liquefied natural gas (LNG) regasification units at Ain Sokhna to ensure full operational readiness ahead of peak summer consumption, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
maintenance
EMC Awarded €46 Mn Maintenance Contract in Jordan
The Egyptian Maintenance Company (EMC) (San Masr) secured a 10-year international contract valued at approximately €46 million to provide long-term maintenance for natural gas turbines at the Arab Potash Company’s power generation plant in Jordan, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Agreement
TAQA Arabia Drives Forward with Game-Changing ‘Quick Fuel’ Partnership
TAQA Arabia, signed an agreement with the military-affiliated National Service Projects to acquire a stake in 172 fuel stations operated under the “Wataniya” brand, according to a cabinet statement. The deal will take place through transferring the ownership of the stations to a newly established company, Quick Fuel for Petroleum Products Trading and Distribution, in which Taqa Arabia will acquire a 10% stake with an option to purchase an additional 15% once the company is listed on the Egyptian Stock Exchange.
wind power
Korra Energi, HIDLECO Win Wind‑Power Grid Contracts
The newly listed energy solutions provider Korra Energi, in alliance with High Dam for Electrical and Industrial Projects(HIDLECO), has secured the first and third lots of a major Egyptian electricity transmission project. According to a company press release dated June 11, the project involves constructing 500-kilovolt (kV) extra-high-voltage overhead transmission lines to connect wind power facilities in the Gulf of Suez to the national grid.
