Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between the Ministry of Petroleum and Mineral Resources (MoPMR), ExxonMobil, and partner QatarEnergy to maxmize the use of f Egypt’s natural gas infrastructure and study its linkage with Cypriot discoveries, as part of efforts to strengthen Egypt’s position as a regional hub for natural gas trade and circulation in the Mediterranean.
Egypt has reduced arrears to foreign partners to $440 million from $6.1 billion in June 2024, with the remaining dues set to be fully settled by the end of next month, said Karim Badawi, Minister of Petroleum and Mineral Resources, during a strategic seminar organized by the British Egyptian Business Association (BEBA).
Badawi stressed that settling foreign partners’ arrears was a government priority to restore investor confidence and address major sector challenges. In early May , Badawi stated that the arrears stood at $714 million.
Cyprus plans to deliver its first natural gas exports to Europe -via Egypt- in 2028, Nikos Christodoulides, the Cypriot President, told a Cabinet meeting, adding that this step carries strategic importance for strengthening Nicosia's geostrategic and energy position in the region.
The president said that the Cabinet has approved the development and production plan for the Cronos reservoir, along with all related agreements for the commercial exploitation and sale of Cypriot natural gas, marking a major step forward for the country’s energy sector
Industrial software provider AVEVA, energy technology leader Schneider Electric, and Elsewedy University of Technology (SUTech) – Polytechnic of Egypt signed a long-term partnership agreement at the AVEVA World event to establish advanced Training Excellence Centers in Egypt. The cross-border infrastructure pact establishes a multi-year technical framework to equip Egyptian and regional youth with practical skills in automation, digitalization, and clean energy.
The Egyptian General Petroleum Corporation (EGPC), Cheiron Petroleum Corporation, and Capricorn Energy PLC.signed on May 19 a new deal to pump at least $208 million in the consolidated Badr El Din concession in the Western Desert to accelerate exploration, development, and production activities, noted a statement by the Ministry of Petroleum and the Mineral Resources (MoPMR).
This came immediately after Capricorn announced that Karim Badawi, Minister of Petroleum and Mineral Resources, has signed the consolidated and amended concession agreement covering eight of the Company's existing Egyptian Western Desert concession in which it has a 50% participating interest held jointly with Cheiron Oil and Gas Limited.
The consolidation agreement, while operational since July 2025, has taken effect only on May 19, when Badawi signed it.
Egyptian Mineral Resources and Mining Industries Authority (MRMIA) and the European Bank for Reconstruction and Development (EBRD) signed a memorandum of understanding (MoU) to modernize the nation's mining regulatory framework. The bilateral agreement establishes a technical cooperation framework to align domestic legal structures and governance models with global best practices, aiming to maximize state asset valuation and lift the sector’s gross domestic product (GDP) contribution.
Karim Badawi, Minister of Petroleum and Mineral Resources, issued a decision appointing new heads for several central departments at the Egyptian Mineral Resources and Mining Industries Authority (MRMIA).
Lamia Mohamed Anass has been appointed Head of the Central Department for Mining Projects at MRMIA. Mahmoud Fawzi Abdel Aaty has been assigned as Head of the Central Department for Technical Services at MRMIA.
Karim Badawi, Minister of Petroleum and Mineral Resources, met with the first two groups of young mining professionals nominated for an advanced training program at Australia’s Murdoch University. The initiative, organized by the Egyptian Mineral Resources and Mining Industries Authority (MRMIA) and the broader mining sector, is structured to equip technical cadres with global industry practices, leveraging Australia’s international leadership in mineral extraction and processing, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Banque Misr, Egypt's second-largest state-owned bank, is offering a special program to finance the installation of residential solar panels, a move that aligns with the state’s direction toward expanding the use of renewable energy sources, noted a statement by the bank.
In addition to financing up to 100% of the installation costs, the bank offers different repayment schemes and free life insurance for the borrowers. For a limited time, the beneficiaries of this program will receive an exemption from administrative fees, a competitive interest rate, and cashback equivalent to one instalment.
Valmore Holding, one of the MENA region’s leading diversified investment holding companies, had a solid start to the year, with first‑quarter consolidated revenue holding steady at its level in the same quarter of 2025 to stand at $ 166 million. This generated earnings before interest, taxes, depreciation, and amortization (EBITDA) of $79.6 million, marking a 10% year‑on‑year (YoY) increase.
Jon Rokk, the company's CEO, noted that the company's core hard-currency-generating platforms were performing exceptionally well and its utilities businesses continue to scale their recurring revenue base.
