President Abdel Fattah El-Sisi has approved a memorandum of understanding (MoU) for a grant worth 300,000 Kuwaiti dinars from the Arab Fund for Economic and Social Development (AFESD) to finance a feasibility study aimed at increasing the capacity of the electricity interconnection line between Egypt and Jordan, according to Al Ahram citing the official Gazette.
Badr El-Din Petroleum Company (BAPETCO), a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Cheiron, plans to start production of a new well in the Badr 15 area in the Western Desert by the end of this month at a rate of around 15 million cubic feet per day (mmcf/d) of natural gas, alongside 500 barrels per day (bbl/d) of condensates, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
The update was presented during Karim Badawi, Minister of Petroleum and Mineral Resources, inspection tour of BAPETCO's fields in the Western Desert, where he witnessed hydraulic fracturing operations at the newly discovered well.
The European Investment Bank (EIB) is evaluating the financing a renewable energy project in Egypt, which involves the design; construction; and operation of the Niat and Rasgha wind farms, two adjacent utility-scale onshore wind projects located in the Gulf of Suez.
Yasser Ramadan, Chairman of Egypt's Mineral Resources and Mining Industries Authority (MRMIA), met with Reda Selim, Chairman of Egypt’s New Valley for Mineral Resources and Oil Clay (Wadico); Nasser Shaheen, Chairman of Misr Phosphate Company; and Cheng Yali, General Manager of China’s Hubei Xingfa Chemicals Group Company. The meeting focused on exploring ways to strengthen joint cooperation in executing value-added projects for phosphate ore, aiming to process it into high-economic-return industrial products.
Karim Badawi, Minister of Petroleum and Mineral Resources, met with the Mineral Resources and Mining Industries Authority (MRMIA) Board of Directors, chaired by Yasser Ramadan, to outline operational modernization initiatives aimed at boosting Egypt's position in global mining indices.
The discussions focused on expanding the open-area licensing model, which marks a shift in the management and development of Egypt's mineral resources, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Karim Badawi, Minister of Petroleum and Mineral Resources, and Mohamed Farid, Minister of Investment and Foreign Trade, have agreed to establish a joint committee aimed at enhancing financing opportunities for petroleum sector projects, attracting international partnerships, and strengthening cooperation with global financial institutions.
Egypt's Mineral Resources and Mining Industries Authority (MRMIA) signed a memorandum of understanding (MoU) with MovingFert Egypt. The MoU is to work on a collaborative study to evaluate an integrated project for the exploration and extraction of phosphate ore in the Abu Tartour region of the New Valley.
During its weekly meeting, the Cabinet approved the implementation of an about 869-megawatt (MW) wind power project by International renewable energy company Voltalia.
The project will be developed on land allocated by the New and Renewable Energy Authority (NREA). Under the agreement, Voltalia will invest $53 million and is committed to starting the project's commercial operation by December 2028. The company will also proceed with all necessary procedures and implementation steps to ensure the project's timely execution.
Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a new agreement with British Harbour Energy and a memorandum of principles (MoP) with Italy's Eni, in a move aimed at attracting fresh investments, expanding exploration activities, and boosting Egypt’s natural gas production, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
The agreement signed between the Egyptian Natural Gas Holding Company (EGAS) and Harbour Energy covers the onshore Desouq concession in the Nile Delta. Under the agreement, Harbour Energy will invest an initial $6 million and pay a $1 million signature bonus. The total investment could rise to around $18 million if new discoveries are made and subsequently developed.
The African Export-Import Bank (Afreximbank) will inject between $50 million and $100 million to construct a landmark gold refinery in Egypt, with execution scheduled to begin by the end of 2026, Ayman Elzoghby, Head of Intra-African Trade Finance, Investment, and Corporate Finance at the bank, told Asharq.
