- 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%
Egypt
EGAS Follows up On Egypt Gas, Cargas Performance
The Egyptian Natural Gas Holding Company’s (EGAS) Executive Managing Director, Sayed Selim, visited the headquarters of Egypt Gas and the Natural Gas Vehicles Company (Cargas) to monitor work progress and performance levels. Selim ensured strict compliance with health, safety, and environment (HSE) standards across all projects.
TotalEnergies
Badawi, TotalEnergies Review Egypt-Cyprus Gas Project Updates
Minister of Petroleum and Mineral Resources, Karim Badawi, reviewed the progress of the Egypt-Cyprus gas transport project, which aims to tie Cypriot Cronos gas field to Egypt’s gas liquefaction plants. This came during a meeting between Minister Badawi and Pascal Breant, Managing Director of TotalEnergies for Egypt and Cyprus.
renewable energy
GoGas, Madkour to Develop First 365 MW Power Project in Mauritania
Egyptian-UAE firm GoGas Holding has signed a Joint Development Agreement with Madkour Holding Group to establish a combined-cycle power plant in Nouakchott, Mauritania. The facility will be fueled by gas from the offshore Banda Tevet field, which is currently being developed by GoGas. The first phase of the plant is expected to begin generating electricity by the end of 2028, with an initial capacity of 200 megawatt (MW), reaching up to 365 MW.
Mostafa Madbouly
Madbouly: Global Oil Spike Forces Egypt to Adjust Fuel Prices
Prime Minister Mostafa Madbouly said the recent fuel price increases were a preemptive step to safeguard economic activity and ensure the continued availability of energy supplies, as global oil prices have risen sharply. Speaking during a Cabinet meeting, Madbouly explained that the decision came after a significant jump in global crude prices, noting that the government still bears a substantial portion of the increased costs of petroleum products.
Egypt
Egypt Launches Emergency Energy Plan Amid Regional Tensions
In light of the rapidly evolving military developments in the region and the subsequent sharp spikes in energy prices and global market fluctuations, the Egyptian government is closely and continuously monitoring the situation through full coordination between the Central Bank, various ministries, and relevant authorities, noted a statement by the cabinet. The government is securing national energy requirements through daily monitoring of supply schedules and ongoing contracts of petroleum products, in addition to leveraging previously concluded contractual arrangements and price hedging mechanisms that cover a significant portion of imports, to mitigate the impact of global price increases.
Financial Results
Aramco Cuts Output Amid Strait of Hormuz Crisis
Saudi Arabia’s Aramco has begun reducing production at two of its oilfields, sources said Monday, as disruptions in the Strait of Hormuz escalate due to the US -Israeli conflict with Iran. The company did not specify which fields or the scale of the cuts.
production
G7, IEA Urge Coordinated Release of Oil Reserves Amid Rising Prices
The International Energy Agency (IEA) has urged countries to coordinate a release of emergency oil reserves during an online meeting with finance ministers from the Group of Seven (G7), according to Japan’s Finance Minister Satsuki Katayama. Katayama said the agency had called on member countries to undertake a coordinated drawdown of oil stockpiles in response to current market conditions. She added that G7 countries agreed to continue closely monitoring developments in global energy markets and to take necessary steps to support global supply, including the possible release of strategic reserves.
butane
Egypt Raises Gasoline, CNG, Butane Prices
The Ministry of Petroleum and Mineral Resources (MoPMR) raised prices of all types of Octane gasoline, Compressed Natural Gas (CNG) for cars, and butane, effective March 10. The decision came "due to the exceptional circumstances in the international energy markets", according to a MoPMR statement. According to the decision, fuel prices at the pump will be as follows: 95 Octane Gasoline: EGP 24.00 per liter compared to EGP 21 92 Octane Gasoline: EGP 12.25 per liter compared to EGP 19.25 Compressed Natural Gas for Cars: EGP13 compared to EGP 10
