- Crude Oil (WTI) 84.67 USD/bbl 0.09%
- Crude Oil (Brent) 91.04 USD/bbl 3.87%
- NYMEX Natural Gas 2.75 USD/MMBtu 0.73%
- OPEC Basket Price 89.44 USD/bbl 1.19%
net profit
Abu Qir Fertilizers Posts 119% Profit Surge on Revenue, Export Gains
Abu Qir Fertilizers and Chemical Industries reported a 119% year-on-year (YoY) surge in net profit after tax to EGP 10.01 billion for the first half (H1) of fiscal year (FY) 2025/26, according to its unaudited financial statements submitted to the Egyptian Stock Exchange (EGX). The company’s revenues rose 86% YoY to EGP 23.52 billion during H1 FY 2025/26. Meanwhile, gross profit more than doubled to EGP 12.97 billion from EGP 6.04 billion in H1 FY 2024/25.
Sidpec
Sidpec H1 Revenues Up 13% YoY
Sidi Kerir Petrochemicals Company (SIDPEC) revenues climbed 13% in the first half of 2026, year on year (YoY) to EGP 8.53, compared to a year earlier, according to a disclosure on the Egyptian Exchange (EGX).
Eni
Eni’s Q2 EBIT Doubles to €5.38 Bn as Sales Rise 32%
The Italian energy company’s Eni reported adjusted earnings before interest and taxes (EBIT) of €5.38 billion in the second quarter (Q2) of 2026, compared to €2.68 billion recorded in the same period of 2025. Eni said the increase was driven primarily by strong performance in its Exploration & Production (E&P) business, Global Gas & LNG Portfolio (GGP) and Transition businesses. Sales from operations amounted to €22.314 billion in the second quarter, up 32% year-on-year (YoY) from corresponding period of 2025.
Drone strikes
Cabinet: Blaze on FSRU at Damietta Port Caused by Drone
A drone strike caused a fire aboard two vessels at Damietta Port on July 29, 2026, according to preliminary investigations by Egyptian authorities, noted a statement by the Cabinet.
Baker Hughes
Dynamis, Baker Hughes Secure 1.3 GW Mobile Gas Turbine Order
Dynamis Power Solutions, a US-based provider of hypermobile power generation solutions, and Baker Hughes, a global energy technology company, have secured a major order for 76 NovaLT™16 gas turbines, supporting approximately 1.3 gigawatt (GW) of hypermobile power generation capacity for data center projects and oil and gas applications across North America, according to a statement by Baker Hughes.
Damietta Port
Fire Contained on FSRU at Damietta Port; No Injuries Reported
A fire broke out aboard a floating Storage and regasification unit (FSRU) and a storage vessel at Damietta Port, prompting an immediate emergency response, according to a statement issued by Egypt’s Ministry of Petroleum and Mineral Resources. The ministry said: "The incident was addressed immediately in line with approved emergency and rapid-response plans, with specialized authorities, firefighting teams, and on-site security units deployed to contain the situation". The statement did not mention the cause of the fire.
meeting
Madbouly Reviews Efforts to Increase Strategic Petroleum Product Reserves
Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance and Karim Badawi, Minister of Petroleum of Mineral resources to follow up on efforts to increase the country’s strategic reserves of petroleum products. Madbouly affirmed that the Egypt is taking serious and well-studied steps to secure and build up a safe and reassuring strategic stockpile of petroleum products. He noted that the government is closely monitoring developments and their potential repercussions and is acting according to alternative and flexible scenarios and plans to address various possibilities.
MERA Oil consortium
Mera Oil Consortium Shortlists Three GCC Sites for $5 Bn Gulf Integrated Refinery, Export Corridor
The MERA Oil consortium, comprising US and Saudi Arabian companies, is entering the final stage for selecting a host for their planned $5 billion integrated refinery and export corridor in the Gulf, according to Reuters. The consortium is narrowing potential locations to three sites across the six-member Gulf Cooperation Council (GCC) and the preferred host country is expected to be announced by the end of 2026, Reuters said. The energy complex will be located outside the Strait of Hormuz, providing direct access to international shipping routes and offering an alternative export platform, Reuters added.
