Sidi Kerir Petrochemicals Company (SIDPEC) raised its issued capital to EGP 2.268 billion from EGP 1.814 billion, a move financed from the company's 2024 net profits as reflected in its financial statements for the period ending December 31, 2024. This decision was made during a general assembly meeting of the company on October 20 and will be carried out through the issuance of 226.8 million new shares, each with a nominal value of EGP 2.
The Petroleum Projects and Technical Consultations Company (PETROJET) has secured a $1.08 billion contract to develop the second phase of the Hassi Bir Rekaiz oil field in Algeria. The project entails the construction of a central processing facility with a capacity of 31,500 barrels per day (bbl/d), along with associated infrastructure and 217 km of pipelines.
The Ministry of Petroleum and Mineral Resources (MoPMR) held a workshop to promote understanding of the provisions of the new Labor Law No. (14) of 2025 and raise awareness about it . Led by Minister of Labor Mohamed Gobran, the workshop discussed how the law applies to public sector companies, public business sector entities, joint ventures, and both investment and private sectors. The workshop was attended by Ehab Abdel Aaty, Legal Advisor to the Ministry of Labor, Ahmed Randi, Head of the Central Administration for Communications at MoPMR, and several other representatives from petroleum companies across various sectors.
The Modern Drilling Company (MDC), a leading player in the Egyptian petroleum sector, has received the 2025 Safety, Occupational Health, and Environmental Protection (HSE) Partnership Award from Kuwait’s Wafra Joint Operations (WJO) and its partner US Chevron in recognition of its compliance with safety, quality, and environmental standards during its operations in Kuwait.Â
Egypt is planning to build a new liquefied natural gas (LNG) liquefaction and storage terminal in Port Said to supply fuel for the Suez Canal Authority’s (SCA) locomotives. The project was discussed in a recent meeting between Minister of Petroleum and Mineral Resources, Karim Badawi, and SCA Chairman, Osama Rabie.
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Sharif Salim Al-Olama, the UAE Undersecretary for Energy and Petroleum Affairs in the Ministry of Energy and Infrastructure, to discuss enhancing partnership and exchanging expertise between the two sides in areas of mutual interest. During the meeting, both sides agreed to share and exchange energy efficiency and conservation knowledge, under the framework of the Global Energy Efficiency Alliance (GEEA), launched by the UAE and includes around 40 member countries, with Egypt being among them.
Sidi Kerir Petrochemicals Co. (Sidpec) reported revenues of EGP 10.912 billion in its unaudited financial statements for the period ending September 30, 2025. This marked an 8.92% increase compared to EGP 10.018 billion during the same period in 2024.Â
The Egyptian General Petroleum Corporation (EGPC) held a meeting with senior executives from 32 production companies to upgrade an integrated five-year plan aimed at doubling production rates and reserves. Salah Abdel Kerim, Chairman of EGPC, highlighted the global challenges facing energy markets and their direct impact on the national economy. For his part, Ashraf Bahaa El-Din, Chairman of the Ganoub El Wadi Petroleum Holding Company (Ganope), affirmed that petroleum fields remain rich with untapped potential.
The Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Italian Eni and UK bp to extend the development lease for the Baltim East field in Baltim area offshore the Nile Delta region. Under the extended agreement, Eni and bp plan to reinvest and expand their operations in the Baltim East field over the next five years to unlock new gas resources, the ministry said on Wednesday.
Egypt is preparing an international bid round for oil and gas exploration in four areas of the Red Sea, which will soon be launched through the Egypt Upstream Gateway (EUG). This was discussed during a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and leaders from SLB and the petroleum sector, held on the sidelines of World Energies Summit in London. Badawi also met with leaders from TotalEnergies and Chevron to review the progress of current operations and explore new investment opportunities in the oil and gas sector.
