Emarat Misr Petroleum Products Company held its general assembly in presence of Minister of Petroleum and Mineral Resources, Karim Badawi, to discuss and approve the results of 2024. The company's General Manager stated that there is a plan for the company's expansion through the establishment of 10 new stations in several governorates, which will gradually come into service during the upcoming period.
Egypt Kuwait Holding (EKH) has announced its fiscal year (FY) results for 2024, revealing a $642 million rise in revenues, a 40% growth in gross profit margin and a 39% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) margin. In its general assembly meeting, the Group also reported a net profit of $185 million, with net profit margin increasing by 2 percentage points to reach 29%.
During the weekly press conference, Prime Minister Mostafa Madbouly announced that there will be no electricity load shedding in the summer of 2025, affirming the government's full preparedness to manage the anticipated increase in electricity demand.
Eni CEO Claudio Descalzi unveiled plans to invest about €8 billion in Egypt over the next four years, boosting energy production and supply in the region, as part of a broader €24 billion ($26.24 billion) investment across North Africa, including Algeria and Libya.
Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe but need outside investment to expand their energy production and meet rising domestic demand.
In Egypt, key projects include the Zohr offshore gas field, with a second well-drilling campaign launched this year to counter production declines since 2021.
Prime Minister Mostafa Madbouly witnessed the signing of several cooperation agreements between the TSFE, NSPO, and a group of specialized local and international consulting firms, pertaining to the restructuring and management of the offering of several NSPO-affiliated companies. The agreements concern a group of companies, including Wataniya Petroleum Company, and Chill out Company.
On the sidelines of the OMC Med Energy Conference and Exhibition 2025 in Italy, Minister of Petroleum and Mineral Resources Karim Badawi met with Algerian Minister of Energy, Mines, and Renewable Energy Mohamed Arkab to boost bilateral cooperation in exploration, refining, LNG trading, mining, and green hydrogen. The discussions also covered projects in phosphate industries, fertilizers, and LNG trade, alongside partnerships in renewable energy.
Besides, Badawi held a meeting with Eni and TotalEnergies in separate to review some current projects aimed to boost production in Egypt including the second well drilling campaign in the Zohr field in the Mediterranean Sea, as well as the implementation of commercial agreements related to Cyprus’s Cronos field.
As part of his participation in the 17th edition of the OMC Med Energy Conference & Exhibition 2025–held in Ravenna, Italy from April 8 to 10, 2025–Karim Badawi, Minister of Petroleum and Mineral Resources, visited the Egyptian petroleum sector's booth at the event.
Minister of Petroleum and Mineral Resources, Karim Badawi, participated as a keynote speaker at the OMC Med Energy Conference & Exhibition 2025 in the Italian city of Ravenna, in response to the invitation of Claudio Descalzi CEO of the Italian company Eni. During the opening discussion session, Badawi presented Egypt's vision for securing energy and enhancing its role as a regional hub.
As part of its ongoing efforts to attract investment in its upstream oil and gas sector, Egypt has announced a new bidding round for the South Fayoum exploration block located in the Western Desert. This initiative, launched through EUG, seeks to promote the country's abundant exploration opportunities.
Chevron started its seabed survey operations in early summer, adhering to the timetable for the construction of a strategic pipeline that will connect the Aphrodite gas field in the Eastern Mediterranean to Egypt, according to a statement by the government of Cyprus.
