- 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%
shipping
Middle East Oil, LNG Shipments Continue Despite Hormuz Tensions
Middle Eastern producers are continuing to load oil and liquefied natural gas (LNG) despite recent ship attacks in the Strait of Hormuz and renewed US -Iran strikes.
Egypt
Badawi and AFAQ Mining Discuss Gold Exploration Expansion
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Amr El Marsafawy, Chairman of AFAQ Mining, an Egyptian company engaged in gold exploration in the Eastern Desert, accompanied by his delegation. Discussions focused on the company’s exploration results and its plans to broaden gold prospecting and exploration activities.
EGPC
EGPC Discusses Environmental Challenges Facing Western Desert Production Companies
The Egyptian General Petroleum Corporation (EGPC) held an expanded meeting to discuss environmental challenges facing production companies in the Western Desert, as part of its efforts to enhance environmental performance and strengthen health, safety and environment (HSE) systems.
Bahr Essalam field
Eni, NOC Bring Sabratha Compression Project Online to Boost Libya's Gas Production
The energy major, Eni, in partnership with Libya's National Oil Corporation (NOC) through the Mellitah Oil & Gas joint venture (JV), has started hydrocarbon production from the Sabratha Compression Project, an offshore development aimed at sustaining and increasing gas output from the Bahr Essalam field.
meeting
Schneider Electric Eyes Egypt Expansion,Targets 85% Local Content
Khaled Hashem, Minister of Industry, met with Sebastien Riez, President of Schneider Electric for North Africa and the Levant, to discuss the company’s expansion plans and opportunities to deepen local manufacturing. The meeting shed light on opportunities for the company to participate in the Shams El-Sinaa initiative, which aims to install 1 gigawatt (GW) of rooftop solar capacity across around 7,000 factories nationwide in its first phase. Hashem underscored the potential for Schneider to adopt the Energy Service Company (ESCO) model, which focuses on assessing factories' energy consumption and providing technical support to improve energy efficiency, reduce operating costs, and optimize resource use.
Revised Income Statement
AMOC’s Revises FY 2026 Budget Forecsts, Doubles Profit to EGP 2.1 Bn
The Board of Directors of Alexandria Mineral Oils Company (AMOC) approved a revised operating budget for fiscal year (FY) 2026, projecting an estimated net profit after tax of approximately EGP 2.099 billion. This updated forecast represents a substantial increase from the previously approved net profit target of EGP 1.024 billion. The revised budget projects sales of EGP 44.888 billion, representing a 19.17% growth rate over the initially approved target. According to a company disclosure sent to the Egyptian Exchange (EGX), the adjustments reflect stronger projected operating performance.
meeting
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.
ENPPI
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.
