News / Egypt

IMF: EGPC’s financial position improves, Risks Remain

While the Egyptian General Petroleum Corporation's (EGPC) financial position has improved due to recent measures, including reaching cost recovery on products covered by its retail fuel indexation mechanism, its finances "remain a source of fiscal risk," noted an International Monetary Fund (IMF) press release dated December 23, 2025. The IMF reached a staff-level agreement with Egyptian authorities on the fifth and sixth reviews of the $8 billion Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF), according to the press release.

Madbouly Explores Incentives to Unlock Golden Triangle Investment Potential

The Prime Minister Mostafa Madbouly reviewed ongoing efforts to attract new investments to the Golden Triangle Economic Zone during a meeting at the government headquarters in the New Administrative Capital, underscoring the state’s push to unlock the area’s mineral and energy potential.

UK’s Terra Petroleum Debuts in Egypt with Western Desert Exploration Deal

The Egyptian General Petroleum Corporation (EGPC) has signed an oil and gas exploration agreement with UK-based Terra Petroleum, marking the company’s first operations in Egypt. The agreement, worth $6.5 million in initial investments, entails the company to drill three exploration wells and carry out 2D and 3D seismic surveys in the Northwestern El Moghra concession area at the Western Desert.

El Khatib Explores Sustainable Energy Cooperation with US Power Edison

Investment and Foreign Trade Minister Hassan El Khatib met with Shihab Kuran, Founder and Chief Executive Officer (CEO) of US-based Power Edison, a leading renewable energy and energy storage developer, to explore cooperation in sustainable energy solutions, according to a press release by the ministry.

The meeting, attended by Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), saw El Khatib stressing Egypt's state's focus on localizing energy-related industries and modern technology transfer, pointing to the country's competitive advantages that qualify it to be a regional energy hub.

Furthermore, he highlighted that Egypt has invested $550 billion in infrastructure over recent years. Coupled with economic reforms and adjustments to fiscal, monetary, and trade policies, these efforts have significantly improved economic indicators.

Badawi Reviews Rystad Energy Report Results and Egypt’s Strategy to Transform into a Regional Gas Hub

Minister of Petroleum and Mineral Resources, Karim Badawi, presented a strategic review to the Cabinet regarding a recent Rystad Energy report titled “Resetting Egypt’s Gas Sector: Debt Settlement, Drilling Recovery, and Expansion of Renewables.”

ERC Cuts Senior Debt to $63Mn from $2.35Bn

The Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, has settled $417 million of its senior debt, reducing the balance to $63 million from a peak level of $2.35 billion, the company said in a disclosure to the Egyptian exchange. The remaining $63 million in senior debt is scheduled to be repaid in March 2026. In addition, ERC will continue servicing its mezzanine loan, with an outstanding balance of $773 million to be paid down through 2030.

UAE’s AMEA to Establish Africa’s Largest Solar, Battery storage project in Egypt

The UAE-based AMEA Power, one of the fastest-growing renewable energy companies in the region, announced it will be building a solar panel and a battery storage project in Aswan. strengthen the resilience of Egypt’s power system while advancing the country’s clean energy transition, according to an AMEA press release

The project, described as Africa’s largest single-site renewable energy and battery storage facility, will be established through a partnership between  AMEA Power to own 60%, Japan's Kyuden International Corporation, which will hold the reamining 40%. The  International Finance Corporation (IFC) will finance the project through a $570 million senior debt package in addition to concessional funding.

Egypt Unveils Five-Year Exploration,Production plan to IOCs

The Minister of Petroleum and Mineral Resources, Karim Badawi, has outlined a new five-year plan for oil and gas exploration and production during a high-level meeting with heads and representatives of international oil companies operating in Egypt. The plan prioritizes achieving self-sufficiency in crude oil while continuing to boost natural gas output, Badawi said, highlighting the government’s focus on strengthening energy security and reducing reliance on imports.

Egypt, Jordan Sign 2026 Electricity Exchange Contract

Egypt and Jordan signed a contract to exchange electricity for 2026 between the Egyptian Electricity Transmission Company (EETC) and the National Electric Power Company (NEPCO), according to a statement by Egypt's Ministry of Electricity and Renewable Energy.

Egypt exported 306.08 million kilowatt-hours (kWh) of electricity to Jordan during 2025, generating total revenues of approximately $28.26 million, Esmat said. He emphasized that electrical interconnection projects play a vital role in enhancing energy security and stressed that the Egypt-Jordan interconnection serves as a model for regional cooperation.

Britain Exempts Zohr Field From Russia Sanctions

Britain added Egypt's Zohr gas field to a list of projects exempt from its Russia sanctions on December 18, according to Reuters. The exemption applies to the Mediterranean field where Russian oil major Rosneft holds a 30% stake, bp owns 10%, and Eni operates with a 50% holding.

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