As part of efforts to enhance cooperation between Egypt and the US in the Energy Sector, Karim Badawi, Minister of Petroleum and Mineral Resources, met with Adam Cortese, CEO of Sun Africa, and his accompanying delegation. The meeting discussed the potential collaboration in the domains of oil and natural gas, renewable energy, carbon reduction, and mining activities.
Misr Fertilizers Production Company (MOPCO) achieved a remarkable fiscal year performance in 2024, reporting revenues of EGP 19.650 billion and a net profit of EGP 15.120 billion, reflecting a 153% growth compared to 2023.
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, met with executives from Barrick Gold, a global leader in mining, to reaffirm Egypt’s strategic commitment to transforming its mining sector into a key pillar of the national economy.
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.
