Karim Badawi, Minister of Petroleum and Mineral Resources, met with Sayed Selim, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS) and senior executives to review the company's performance, work plans, and the key challenges facing the sector.
The Ministry of Electricity and Renewable Energy and the Ministry of Petroleum and Mineral Resources reviewed their ongoing joint summer work plan, which was structured to counter an anticipated 8% increase in peak electrical demand compared to the previous year. Ministers and executive leadership evaluated operational plans designed to secure natural gas and equivalent fuel supplies, protect the continuity of the national unified grid, and prevent outages during high-consumption periods, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Amr El Marsafawy, Chairman of AFAQ Mining, an Egyptian company engaged in gold exploration in the Eastern Desert, accompanied by his delegation. Discussions focused on the company’s exploration results and its plans to broaden gold prospecting and exploration activities.
The Egyptian General Petroleum Corporation (EGPC) held an expanded meeting to discuss environmental challenges facing production companies in the Western Desert, as part of its efforts to enhance environmental performance and strengthen health, safety and environment (HSE) systems.
Khaled Hashem, Minister of Industry, met with Sebastien Riez, President of Schneider Electric for North Africa and the Levant, to discuss the company’s expansion plans and opportunities to deepen local manufacturing.
The meeting shed light on opportunities for the company to participate in the Shams El-Sinaa initiative, which aims to install 1 gigawatt (GW) of rooftop solar capacity across around 7,000 factories nationwide in its first phase.
Hashem underscored the potential for Schneider to adopt the Energy Service Company (ESCO) model, which focuses on assessing factories' energy consumption and providing technical support to improve energy efficiency, reduce operating costs, and optimize resource use.
The Board of Directors of Alexandria Mineral Oils Company (AMOC) approved a revised operating budget for fiscal year (FY) 2026, projecting an estimated net profit after tax of approximately EGP 2.099 billion. This updated forecast represents a substantial increase from the previously approved net profit target of EGP 1.024 billion.
The revised budget projects sales of EGP 44.888 billion, representing a 19.17% growth rate over the initially approved target. According to a company disclosure sent to the Egyptian Exchange (EGX), the adjustments reflect stronger projected operating performance.
Mohamed Farid, Minister of Investment and Foreign Trade, has met with senior executives of Norwegian renewable energy company Scatec to discuss the company's ongoing projects in Egypt, Discussions also covered opportunities to expand investments in data centers and clean energy, as well as the company's future plans in the Egyptian market, according to a statement by the Cabinet.
Scatec has been active in the Egyptian market with projects spanning renewable energy, energy storage, green hydrogen and green ammonia, and seawater desalination.
The Engineering for the Petroleum and Process Industries (ENPPI), the Egyptian Linear Alkyl Benzene Company (ELAB), and the Petroleum Marine Services Company (PMS) have been initially listed on the Egyptian Exchange (EGX). This marks the actual launch of the first phase of the petroleum sector's initial public offering (IPO) program. The initial listings feature an issued capital of $357 million for ENPPI, $210 million for ELAB, and $120 million for PMS, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Karim Badawi, Minister of Petroleum and Mineral Resources, announced the launch during his keynote speech at the Egyptian Stock Exchange (EGX) trading session inauguration.
The Egyptian Refining Company (ERC) has fully paid off its senior debt, marking a major milestone in its financial restructuring, according to a statement by Qalaa Holdings, which owns 13 % of ERC.
The repayment would enable ERC to distribute dividends subject to approval by its general assembly. According to the statement, ERC is also in the process of repaying $200 million of its secondary debt.
Cypriot mining company Fawakheir Mines Complex (FMC), formerly known as SMW Gold Limited is moving forward in 2026 to establish Center of Excellence in cooperation with the Egyptian government to support education and training in the country’s mining sector, the company’s Executive Chairman Philipp Hiendl said.
