- Crude Oil (WTI) 91.11 USD/bbl 2.02%
- Crude Oil (Brent) 98.57 USD/bbl 2.03%
- NYMEX Natural Gas 3.00 USD/MMBtu 2.04%
- OPEC Basket Price 90.82 USD/bbl -6.04%
cabinet
Egypt Orders 20% Cut in Public-Sector’s Electricity Use
Egypt’s Cabinet has approved a draft decision requiring government entities to reduce electricity consumption by 20% and fuel use by at least 30% for three months, as the government seeks to rationalise public spending amid ongoing regional developments, according to a statement on November 5.
BP
bp Sells Stake in Norway’s Aker for Over $1Bn
British Petroleum (bp) has sold a $1.06 Bn stake in Norway’s Norwegian oil and gas producer Aker, according to a statement on November 5.
Financing
ITFC Financing to EGPC Exceeds $17.4Bn: CEO
The International Islamic Trade Finance Corporation (ITFC) has announced that total financing that it provided to the Egyptian General Petroleum Corporation (EGPC) had exceeded $17.4 Bn, according to a statement by Egypt’s Ministry of Petroleum and Mineral Resources on November 5.
Egypt
Egypt Signs 2D Seismic Survey Deal to Advance Hydrocarbon Exploration
The Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Saudi company Ardiseis, a subsidiary of Arabian Geophysical and Surveying Company (Argas), to conduct an expanded 2D seismic survey across 110,000 square kilometers (km²) of the Western Desert, equivalent to approximately 11% of the country's total area, to improve exploration data and attract further oil and gas investments.
Egypt
Shell Lubricants Egypt Signs Partnership with TAQA Petroleum to Expand Nationwide Distribution
Shell Lubricants Egypt signs a partnership with TAQA Petroleum to expand the nationwide distribution of its automotive lubricants and coolants through TAQA's service stations.
SAFEEN Subsea and Subsea Services LCC company
Egypt Gas Targets $50 Mn in UAE Onshore, Offshore Project Opportunities
Egypt Gas, one of the largest Egyptian gas distribution companies, has signed three memoranda of understanding (MoUs) with SAFEEN Subsea and Subsea Services LCC, PEMMI UAE, and Sahara Emirates, to implement onshore and offshore projects in the UAE The agreements, signed during the Abu Dhabi International Conference and Exhibition (ADIPEC), aim to explore, develop, and implement investment opportunities and future projects in oil, gas, energy, infrastructure, and onshore and offshore activities across the UAE and the targeted regional markets, said Egypt Gas in a statement.
Cargas
Egypt Gas, Cargas Eye UAE Gas Expansion
Egypt Gas and Natural Gas Vehicles Company (Cargas) have signed a memorandum of understanding (MoU) with UAE United Eastern Group to convert vehicles into natural gas as well as to explore the development of natural gas transportation and delivery projects using virtual pipeline systems. The agreement aligns with the petroleum ministry’s efforts to support the overseas expansion of petroleum sector companies and strengthen their presence in regional and international markets
Egypt
Badawi Announces New MRMIA Appointments
Minister of Petroleum and Mineral Resources, Karim Badawi, issued new appointments in the Mineral Resources and Mining Industries Authority (MRMIA) leadership. The leadership changes include the appointment of Ahmed Saad Fatouh as MRMIA Deputy Chairman for Mining Industries. Meanwhile, Ehab Anwar Hassan was appointed as MRMIA Deputy Chairman for Mineral Resources.
