- 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%
India
Iran Allows Two Indian LPG Carriers Through Strait of Hormuz Amid Blockade
Iran has permitted two Indian-flagged liquefied petroleum gas (LPG) carriers to pass through the Strait of Hormuz, sources with direct knowledge said to Reuters, marking a rare exception to Tehran’s blockade that has disrupted global energy shipments.
Ganope
Ganope Targets EGP 4 Bn Revenue in FY 2026/27
South Valley Egyptian Petroleum Holding Company (Ganope) targets revenues exceeding EGP 4 billion and net profits surpassing EGP 1 billion, in the fiscal year (FY) 2026/27, according toAshraf Bahaa the company's Chairman . This came during the general assembly meeting of the company, in which the Minister of Petroleum and Mineral Resources, Karim Badawi, approved the company's investment plan.
Domestic Natural Gas Demand
EGAS to Launch New bid Round in Western Mediterranean
The Egyptian Natural Gas Holding Company (EGAS) plans to launch new bid round in 2026, offering natural gas exploration licenses across several areas in the Western Mediterranean, according to Chairman and Executive Managing Director Sayed Selim. The plan also includes drilling 17 exploratory wells during the upcoming Fiscal Year(FY), and commencing the first phase of the seismic survey project in the Eastern Mediterranean during the second half (H2) of the year. The meeting reviewed the status of recent exploratory wells, West Denis-1, Sirius, and Jannat-1, alongside preparations to drill four additional wells during the second half of FY 2025/26.
ECHEM
ECHEM Plans $11 Bn Petrochemical Projects to Localize 20 Products by 2030
The Egyptian Petrochemicals Holding Company (ECHEM) has unveiled a five-year plan to launch 10 projects targeting the localization of over 20 petrochemical products for domestic and international markets. The plan envisions a total production capacity of 7.5 million tons (mmt) and investments estimated at $11 billion, according to Chairman Alaa El-Din Abdelfattah. Speaking at the company’s general assembly to approve its investment program for FY 2026/2027, Abdelfattah highlighted ECHEM’s efforts to deepen integration with the Ministry of Industry, aiming to substitute high-import petrochemical inputs with locally manufactured products.
Strait of Hormuz
Iranian Crude Flows Through Hormuz as Gulf Exports stall
Iranian crude oil has kept flowing through the Strait of Hormuz at near-normal levels, despite Tehran-linked attacks on ships that have slashed exports from other Gulf nations, according to a Reuters analysis of tanker tracking data.
US
Trump to Draw on Petroleum Reserves to Counter Price Hikes
President Donald Trump announced that his administration will tap the US Strategic Petroleum Reserve (SPR) to combat skyrocketing gas prices fueled by the ongoing conflict with Iran.
transfers
Badawi Appoints New Chairman For PMS
As part of efforts to appoint new leadership to vacant positions following the retirement of their previous holders, Karim Badawi, Minister of Petroleum and Mineral Resources, has assigned Walid Ahmed Abdel Salam Hegazy as Chairman and Managing Director of the Petroleum Marine Services company (PMS).
meeting
El-Sisi Urges Use of Advanced Drilling Technologies to Boost Oil and Gas Output
President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawi to review efforts to boost oil and gas production through the adoption of hydraulic fracturing and horizontal drilling technologies, according to presidential spokesperson Mohamed El‑Shennawy.
