Karim Badawi, the Minister of Petroleum and Mineral Resources, met with Mostafa El Gabaly, CEO of Polyserve for Fertilizers and Chemicals to discuss speeding up the launch of a new project developed by the group to extract, process, and utilize phosphate to be used in producing phosphate fertilizers and phosphoric acid.
Karim Badawi, Minister of Petroleum and Mineral Resources held a meeting with leaders of petroleum companies to follow up on the progress of the Red Sea National Petrochemicals Complex project.
Set to be established in the Suez Canal Economic Zone, the complex is one of the most important projects supporting the Egyptian economy, given its economic value through increasing local production and offering alternatives imports, Badawi noted. The project is implemented with Egyptian investments, which would greatly reduce the import bill and maximize the added value of crude oil by converting it into products previously imported from abroad, he added.
Dana Gas, one of the major natural gas companies in the Middle East, reported a 1% increase in net profits during the H1 2025,compared to the same period of last year to reach AED 270 million ($73 million) thanks to new investment momentum in Egypt and strong operation in Kurdistan Region of Iraq (KRI).
In a company press release on the results, Dana Gas highlighted the successful drilling of the first well in Egypt under its new investment program, with a successful outcome. In July, the company announced the successful drilling and completion of Begonia-2, the first of 11 planned wells, confirming 9 billion cubic feet (bcf) of gas reserves and expected production of 5 million standard cubic feet per day (mmscf/d).
Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds (CIF) program—a recognition of the nation’s tangible efforts and serious steps toward transitioning to a green economy. The Egyptian Cabinet highlighted this achievement through a series of infographics on its social media platforms, showing the country’s strategic direction toward promoting sustainable development, expanding clean energy use, and implementing environmentally friendly projects.
Egypt’s Prime Minister Mostafa Madbouly held a meeting with the Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, and Minister of Petroleum and Mineral Resources Karim Badawi, to review the ongoing efforts to ensure the availability of petroleum products and the status of the arrears owed to foreign partners in the petroleum sector.
The Egyptian Soda Ash Company (ESAC) and several national and regional financing institutions signed an Agreement in Principle (AIP) for financing a Soda Ash production project for an estimated $490m. The ESAC project's goal is to produce 600,000 tons of soda ash and its derivatives annually within the industrial zone of New Alamein City.
A team from El Wastani Petroleum Company (WASCO) restored production from the Balsam-3 well, which had been slated for permanent abandonment, transforming the well from a candidate for abandonment into a natural gas producer. The well yielded approximately 5 million standard cubic feet of gas per day (mmscf/d), adding 4 billion cubic feet (bcf) of natural gas to the company's reserves.
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), has paid a field visit at El Hamra Petroleum Port in the New Alamein City to inspect the ongoing development and expansion works. Following the model of the Fujairah Port in UAE, Egypt aims to transform El Hamra port as a pivotal hub and a logistics center for storing and handling crude oil and petroleum products on the Mediterranean coast.
Egypt has not signed a new agreement to import Israeli gas, clarified Moataz Atef, the Undersecretary for the Minister's Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources, during a prime-time talk show on Friday night.
His comments came in response to media reports suggesting Egypt had entered a new $35 billion deal to import gas from Israel through 2040. Atef explained that this is not a new agreement, but rather an extension of an existing 2019 deal.
Oil sales from VAALCO Energy's Egyptian operations amounted to $112.844 million for the six months ending June 30, 2025. Meanwhile, net revenues from Egypt reached $67.177 million during H1 2025, according to a recent press release.
