- 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%
Developments
El Sisi Reviews Electricity Grid Expansion, Renewable Energy Projects
President Abdel Fattah El-Sisi reviewed progress on the second phase of projects aimed at strengthening Egypt’s national electricity grid during a meeting with Minister of Electricity and Renewable Energy Mahmoud Esmat.
Madbouly, Foreign Partners Discuss WDDM Investments
Prime Minister Mostafa Madbouly reaffirmed the government's commitment to attracting new investments into the oil and gas sector during a tour of the natural gas production facilities in Egypt’s West Delta Deep Marine (WDDM) during a visit to Beheira Governorate. Madbouly was accompanied by Minister of Petroleum and Mineral Resources Karim Badawi, and executives of international partners, including UK Shell, Malaysia’s Petronas, and Kuwait Foreign Petroleum Exploration Company (KUFPEC).
Shell
Madbouly: Egypt’s LNG Assets Anchor Energy Hub Prospects
"Egypt enjoys a promising potential in liquefied natural gas (LNG) complexes, supported by a well‑developed national gas transmission network and a strategic geographic location that links its production areas with global markets", said Prime Minister Mostafa Madboul during his visit to the Egyptian Liquefied Natural Gas LNG (ELNG) complex located in Idku, Beheira.
Trans-Mediterranean
EU Launches €25 Bn T-MED Initiative to Drive Mediterranean Clean Energy Infrastructure
The European Union (EU) launched the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation (T-MED) flagship initiative on June 9, aiming to mobilize up to €25 billion in total investment allocations by 2035, noted a press release by the EU.
UK
UK to Fully Ban Russian Diesel, Jet Fuel Imports by 2027
The UK government announced that imports of diesel and jet fuel refined from Russian crude oil in third countries will be fully banned from January 1, 2027,according to Reuters. The decision follows a government move last month to delay the implementation of the ban amid concerns over supply disruptions caused by US-Israeli Strike on Iran. It noted that existing sanctions were not being lifted, but new sanctions were being phased in.
Strait of Hormuz
Oil Markets Reassess Gulf Supply Losses Amid Hormuz Disruptions
Oil markets continue to reassess the impact of the conflict with Iran following Tehran's declaration that the Strait of Hormuz was "closed," even as evidence suggests Gulf crude oil exports have sustained momentum despite disruptions, Reuters reported.
mining sector
International Miners Applauds Egypt’s Geological Potential
Egypt's mining sector is on the right track to attract more international investors following recent regulatory reforms, three executives of international mining companies told Petrocast , the Ministry of Petroleum and Mineral Resources (MoPMR)'s podcast.
Summer demand
Egypt’s Petroleum Minister Inspects Ain Sokhna FSRUs
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the liquefied natural gas (LNG) regasification units at Ain Sokhna to ensure full operational readiness ahead of peak summer consumption, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
