- 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%
japan
Japan to Tap Oil Stockpiles for Additional 20 Days Amid Energy Supply Crisis
Japan is weighing an additional release of approximately 20 days' worth of oil reserves as early as May as the vital Strait of Hormuz remains largely closed despite a fragile two-week ceasefire between the US and Iran, according to Reuters. Japan began releasing oil from its stockpiles on March 16 in coordination with other nations and on its own. The country is making available about 50 days' worth of oil consumption and has asked the International Energy Agency to consider a coordinated release of a second batch, as Reuters reported.
Egypt
Egypt to Add 2,500 MW of Renewable Energy to National Grid in 2026
Egypt will add 2,500 megawatts (MW) of renewable energy to the unified national grid during 2026, strengthening the sustainability and stability of the national electricity system, according to Mahmoud Esmat, Minister of Electricity and Renewable Energy. Esmat highlighted ongoing efforts to improve production efficiency, reduce reliance on fossil fuels, and achieve a balanced energy mix, with a strategic target for renewable energy to meet at least 42% of domestic needs by 2030.
Natural Gas Vehicles Company (Cargas)
Cargas Reports 61% Surge in Natural Gas Vehicle Conversions for 2025
The Natural Gas Vehicles Company (Cargas) converted 30,000 vehicles to run on Compressed Natural Gas (CNG) during 2025, marking a 61% increase compared to the previous year, according to Chairman and Managing Director Mohamed Ismail. At this rate, the company accounted for 41% of the total CNG market, backed by its nationwide network of 56 conversion and maintenance centres. The results were announced during the company’s ordinary general assembly meeting, which was convened to approve the fiscal year (FY) 2025 results. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, alongside leaders from the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding (EGAS).
agreements
Egypt Inks $740m Fertilizer and Chemicals Agreements in SCZONE
Two agreements, with total investments of $740 million for establishing a Phosphate Fertilizer plant and a Chemical project in the Suez Canal Economic Zone(SCZONE), were signed on April 8 in the presence of Prime Minister Mostafa Madbouly.
India
India to Receive First Iranian Oil in Seven Years After US Eases Sanctions
India is poised to receive its first shipment of Iranian oil in seven years, following the temporary lifting of US sanctions on Iranian crude and refined products to ease global supply pressures, according to Reuters.
Valmore Holding
Valmore Holding Distributes $53 Mn Dividend, Elects New Board of Directors
Valmore Holding, formerly Egypt Kuwait Holding, has approved the distribution of about $53 million in cash dividends to shareholders, amounting to 0.045 per share (4.5 cents), according to its ordinary general assembly meeting convened on April2. This brings the company’s cumulative dividends since inception close to $1 billion.
Egypt
Badawi at AmCham: Egypt Clears Energy Debt, Unlocks Investment
The Ministry of Petroleum and Mineral Resources (MoPMR) has successfully reduced investment partner arrears from $6.1 billion in June 2024 to approximately $1.3 billion, with a target to fully settle all outstanding debts by June 2026, Minister Karim Badawi recorded during an American Chamber of Commerce (AmCham) event. On the sidelines of the meeting, which was convened by AmCham and attended by leaders from major international energy firms, top executives affirmed their commitment to the Egyptian market.
UEG
Egypt Signs MoU with China's UEG to Develop Mediterranean Green Hydrogen Hub
Green Hydrogen Development Holding Limited, a subsidiary of United Energy Group (UEG), has signed a Memorandum of Understanding (MoU) with Abu Qir Fertilizers and Chemicals Company, Alexandria Fertilizers Company (Alexfert), and Orascom Construction SAE to explore the development of a Mediterranean Green Hydrogen Hub project in Alexandria.
