Two container ships collided in Egypt's Suez Canal early on Saturday, delaying traffic through a vital global trade route for several hours, sources in the canal authority said.
The Cabinet has decided to postpone the hike in energy prices, scheduled for July, due to the worldwide decline in prices of oil, Petroleum Minister Sherif Ismail said.
Dana Gas is on track to produce 40 million cubic feet of gas from the Zora field in Sharjah and ramp up production in Egypt this year, the company’s chief executive said.
PetroSilah Petroleum is working on launching the first mobile oil refinery in Egypt, with production capacity of 10,000 b/d and an initial cost of $5m.
Egypt’s state-owned Petrojet has been awarded a $185m contract to build the first gas-processing plant for Iraq’s Siba oilfield, operated by Kuwait Energy, reported Amwal al Ghad.