- Crude Oil (WTI) 69.23 USD/bbl -3.13%
- Crude Oil (Brent) 73.08 USD/bbl -2.29%
- NYMEX Natural Gas 3.23 USD/MMBtu 0.0%
- OPEC Basket Price 77.37 USD/bbl 0.0%
Scatec
Egypt, Scatec Discuss $5 Bn Expansion in Renewables, Data Centers
Mohamed Farid, Minister of Investment and Foreign Trade, has met with senior executives of Norwegian renewable energy company Scatec to discuss the company's ongoing projects in Egypt, Discussions also covered opportunities to expand investments in data centers and clean energy, as well as the company's future plans in the Egyptian market, according to a statement by the Cabinet. Scatec has been active in the Egyptian market with projects spanning renewable energy, energy storage, green hydrogen and green ammonia, and seawater desalination.
PMS
ENPPI, ELAB, and PMS Secure Temporary EGX Listings Ahead of Stake Sale
The Engineering for the Petroleum and Process Industries (ENPPI), the Egyptian Linear Alkyl Benzene Company (ELAB), and the Petroleum Marine Services Company (PMS) have been initially listed on the Egyptian Exchange (EGX). This marks the actual launch of the first phase of the petroleum sector's initial public offering (IPO) program. The initial listings feature an issued capital of $357 million for ENPPI, $210 million for ELAB, and $120 million for PMS, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Karim Badawi, Minister of Petroleum and Mineral Resources, announced the launch during his keynote speech at the Egyptian Stock Exchange (EGX) trading session inauguration.
Debt payment
Egyptian Refining Company Clears Senior Debt
The Egyptian Refining Company (ERC) has fully paid off its senior debt, marking a major milestone in its financial restructuring, according to a statement by Qalaa Holdings, which owns 13 % of ERC. The repayment would enable ERC to distribute dividends subject to approval by its general assembly. According to the statement, ERC is also in the process of repaying $200 million of its secondary debt.
Iraq
Iraq, OPEC Begin Gradual Restoration of Oil Production Quotas
Iraq's Ministry of Oil stated that OPEC and its allies have begun gradually restoring Iraq's production quotas, particularly the voluntary cuts, as part of efforts to increase the country's production capacity over the coming months.
cooperation
Cypriot FMC to Establish Mining Education, Training Center in Egypt
Cypriot mining company Fawakheir Mines Complex (FMC), formerly known as SMW Gold Limited is moving forward in 2026 to establish Center of Excellence in cooperation with the Egyptian government to support education and training in the country’s mining sector, the company’s Executive Chairman Philipp Hiendl said.
Energos Winter FSRU
Badawi Visits Damietta LNG Plant, Affirms Readiness for Cypriot Gas
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the Damietta liquefied natural gas (LNG) plant, situated northwest of Damietta Port, to review the readiness and efficiency of its operational systems. During the tour, the Minister inspected the facilities and various units of the plant, and listened to a briefing from Yassin Mohamed, Deputy CEO of Damietta Liquefied Natural Gas Company (DLNG), on the operational system and the plant’s liquefication capacity, which reaches about 5 million tons of LNG annually.
BP
bp Secures 10% Stake in UAE’s Bab Gas Project
British Petroleum (bp) has signed a concession agreement with Abu Dhabi National Oil Company (ADNOC) and other partners to develop the Bab Gas Cap project in the United Arab Emirates. The project comprises three reservoirs in the onshore Bab Field where bp will serve as the asset lead for the field. It is expected to produce up to 1.5 billion cubic feet of natural gas per day (bcf/d), according to bp’s statement.
Annual Results
Korra Energi Reports 42.5% Surge in Gross Profit in Q1 2026
Energy solutions firm Korra Energi, reported a 42.5% year-on-year (YoY) increase in gross profit to EGP 373 million during the first quarter (Q1) of 2026, backed by the positive performance of the energy and construction segment, which recorded a 49.4% increase in gross profit, according to the company's press release. Operating profit climbed 31.9% to EGP 260.2 million, the release added. Moreover, Korra Energi has secured new credit facilities from Bank of Alexandria and Kuwait Finance House to finance the execution of the Gulf of Suez 500 kilovolt (kV) transmission lines project.
