South Valley Egyptian Petroleum Holding Company (Ganope) targets revenues exceeding EGP 4 billion and net profits surpassing EGP 1 billion, in the fiscal year (FY) 2026/27, according toAshraf Bahaa the company's Chairman . This came during the general assembly meeting of the company, in which the Minister of Petroleum and Mineral Resources, Karim Badawi, approved the company's investment plan.
The Egyptian Natural Gas Holding Company (EGAS) plans to launch new bid round in 2026, offering natural gas exploration licenses across several areas in the Western Mediterranean, according to Chairman and Executive Managing Director Sayed Selim.
The plan also includes drilling 17 exploratory wells during the upcoming Fiscal Year(FY), and commencing the first phase of the seismic survey project in the Eastern Mediterranean during the second half (H2) of the year. The meeting reviewed the status of recent exploratory wells, West Denis-1, Sirius, and Jannat-1, alongside preparations to drill four additional wells during the second half of FY 2025/26.
The Egyptian Petrochemicals Holding Company (ECHEM) has unveiled a five-year plan to launch 10 projects targeting the localization of over 20 petrochemical products for domestic and international markets. The plan envisions a total production capacity of 7.5 million tons (mmt) and investments estimated at $11 billion, according to Chairman Alaa El-Din Abdelfattah.
Speaking at the company’s general assembly to approve its investment program for FY 2026/2027, Abdelfattah highlighted ECHEM’s efforts to deepen integration with the Ministry of Industry, aiming to substitute high-import petrochemical inputs with locally manufactured products.
As part of efforts to appoint new leadership to vacant positions following the retirement of their previous holders, Karim Badawi, Minister of Petroleum and Mineral Resources, has assigned Walid Ahmed Abdel Salam Hegazy as Chairman and Managing Director of the Petroleum Marine Services company (PMS).
President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawi to review efforts to boost oil and gas production through the adoption of hydraulic fracturing and horizontal drilling technologies, according to presidential spokesperson Mohamed El‑Shennawy.
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.
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.
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.
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.
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.
