Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), visited the National Control Center for Egypt’s National Natural Gas Grid at GASCO to ensure the stability of the network’s operations. He confirmed that natural gas and fuel supplies to power plants and all sectors are secure.
Prime Minister Mostafa Madbouly chaired the cabinet’s weekly meeting, where the focus was on the latest updates on the fire that affected a floating storage and regasification unit (FSRU) and a storage vessel at Damietta Port on July 29, as well as the results of the preliminary investigations conducted by the relevant authorities.
AMOC posted 35% year-on-year increase in consolidated revenue to EGP 26.2 billion and a 109% rise in net profit to EGP 1.90 billion for FY 2025/26, according to its unaudited financial results.
Abu Qir Fertilizers and Chemical Industries reported a 119% year-on-year (YoY) surge in net profit after tax to EGP 10.01 billion for the first half (H1) of fiscal year (FY) 2025/26, according to its unaudited financial statements submitted to the Egyptian Stock Exchange (EGX).
The company’s revenues rose 86% YoY to EGP 23.52 billion during H1 FY 2025/26. Meanwhile, gross profit more than doubled to EGP 12.97 billion from EGP 6.04 billion in H1 FY 2024/25.
Sidi Kerir Petrochemicals Company (SIDPEC) revenues climbed 13% in the first half of 2026, year on year (YoY) to EGP 8.53, compared to a year earlier, according to a disclosure on the Egyptian Exchange (EGX).
A drone strike caused a fire aboard two vessels at Damietta Port on July 29, 2026, according to preliminary investigations by Egyptian authorities, noted a statement by the Cabinet.
A fire broke out aboard a floating Storage and regasification unit (FSRU) and a storage vessel at Damietta Port, prompting an immediate emergency response, according to a statement issued by Egypt’s Ministry of Petroleum and Mineral Resources.
The ministry said: "The incident was addressed immediately in line with approved emergency and rapid-response plans, with specialized authorities, firefighting teams, and on-site security units deployed to contain the situation". The statement did not mention the cause of the fire.
Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance and Karim Badawi, Minister of Petroleum of Mineral resources to follow up on efforts to increase the country’s strategic reserves of petroleum products.
Madbouly affirmed that the Egypt is taking serious and well-studied steps to secure and build up a safe and reassuring strategic stockpile of petroleum products.
He noted that the government is closely monitoring developments and their potential repercussions and is acting according to alternative and flexible scenarios and plans to address various possibilities.
Maridive & Oil Services Company (Maridive) announced it has received a non‑binding offer from the Arab Petroleum Investments Company (Arab Energy Fund) to acquire 20% of its share capital, valuing the potential transaction at up to $67.7 million, the company said in a statement to the Egyptian Exchange (EGX).
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), received Polly Ioannou, Ambassador of the Republic of Cyprus to Egypt, to discuss strengthening the strategic partnership between the two countries in the natural gas and mining sectors.
