Minister of Petroleum and Mineral Resources, Karim Badawi, along with the Ministry's undersecretaries, heads of holding companies, EGPC and EMRA met with CEOs of the Petroleum and Mineral Resources Sectors, as part of the periodic meetings to review the latest developments and updates in the Sector's activities during the period from July 2024 to March 2025 and to set targets for the coming period.
Khalda Petroleum Company (Apache) has successfully achieved three new oil and natural gas discoveries in its concession areas in the Western Desert. These discoveries are set to add approximately 12 million barrels of oil equivalent (mboe) in reserves, with an estimated recoverable reserve of 4 mboe.
In light of what has been announced regarding the new prices for petroleum products, effective from Friday, April 11, 2025, at six o'clock in the morning. It is worth noting that despite the recent price increases in petroleum products, the price gap between the cost and the selling price still exists due to the significant increase in costs, which these increases have not yet absorbed.
Egypt’s Fuel Automatic Pricing Committee has announced an increase in fuel prices for Q2 2025. The new prices will take effect on April 11, 2025, with a reassessment scheduled for six months from now.
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.
