Author: Rigs & Barge World

Suez Canal Economic Zone (SCZone) has signed two cooperation agreements in green energy with Japanese partners during the 12th session of the Egypt–Japan Business Council and the Egypt–Japan Investment Forum, held in Tokyo. The first agreement was signed with Japan’s ITOCHU Corporation and Orascom Construction to jointly design, develop, and operate integrated facilities for supplying ships with ammonia as a marine fuel (bunker fuel) at the SCZone ports of Sokhna and East Port Said. This agreement will contribute to reducing emissions and supporting the Zone’s transition toward sustainable energy in maritime transport, according to SCZone press release. The second agreement…

Egypt’s oil and gas output fortunes have often mirrored those of its key producers. Houston based Western Desert producer Apache was a case in point with both its oil and gas output in a downward spiral since peaking a decade ago. But Apache has managed to stop the rot, at least on the gas front, and Cairo will be hoping this can be mirrored elsewhere in the country. Apache unveiled a second consecutive quarterly gas output increase for the first time in twelve years in its recent Q2 earnings. Gas output was up 5% quarter-on-quarter and 11% year-on-year to a…

Minister of Investment and Foreign Trade, Hassan El-Khatib, named Khaled Abubakr, chairman of TAQA Arabia, Egypt’s leading energy and utility provider, as the Chairman of the Egyptian contingent of the Egypt-Denmark Business Council. The decision is the most recent development in  the strategic partnership agreed upon by Egyptian President Abdel Fattah El-Sisi and Danish Prime Minister H.E. Mette Frederiksen in December 2024 to strengthen trade and investment relations between the two countries. The partnership aims to open new horizons for cooperation in key strategic sectors for both countries, including renewable energy—particularly wind power—sustainable agriculture, as well as maritime and trade…

 The price of crude oil is being influenced by two opposing forces. On one hand, there’s a growing possibility of a peace deal, not just a ceasefire, between Ukraine and Russia. This is more likely now than it was just a few days ago. Additionally, OPEC+ has been increasing its output to remain relevant in the market, shifting away from its previous strategy of production cuts to inflate prices.On the other hand, the threat of a potential conflict between Iran and Israel looms. If this were to happen, the oil markets would inevitably be pulled into the crisis.Since the second…

Alexandia Mineral Oils Company (AMOC) net profit after tax, in the Standalone Financial Statements, was approximately EGP 1.49 billion during fiscal year (FY) 2024/25, compared to EGP 1.27 billion in the previous FY, making around 17.3% increase year-on-year (YoY). Meanwhile, net sales grew by 10.8% YoY, reaching EGP 36.9 billion, an increase from EGP 33.3 billion in the previous year. This came as the Audit and Governance Committee of AMOC convened to review the company’s audited independent and consolidated financial statements for the fiscal year that ended on June 30, 2025. The company’s gross profit saw a 17.5% drop YoY,…

Kuwait has signed a preliminary agreement with a consortium of Saudi Arabia’s Acwa Power and the Gulf Investment Corporation (GIC) to develop the emirate’s first new large-scale power plant since 2016. The 2.7GW, 545,000 m³ Az-Zour North 2&3 independent water and power project (IWPP) will be Kuwait’s largest integrated power and water project, says Acwa. The consortium signed a Letter Agreement on 10 August with the Kuwait Authority for Partnership Projects (KAPP) and the Ministry of Electricity (MEWRE), committing the partners to sign a 25-year Energy Conversion and Water Purchase Agreement (ECWPA). The consortium will invest more than $4bn in…

The Iraqi government is intensifying efforts to lure US supermajors ExxonMobil and Chevron. After years of seeing Western IOCs leave, including Exxon, and be replaced by Chinese firms, Iraq wants to turn the tide. It has already signed high-profile agreements with TotalEnergies and BP since 2023. Bringing in either of the US giants would be a significant coup. This comes amid mounting US pressure on Iraq’s energy sector. Washington is pushing Baghdad hard to restart crude oil exports from the Kurdistan region, in part because US firms operate in the region, but also because of concern that with the export…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Vineet Mehra, CEO of International Resources Holding Company (IRH) Global Trading to discuss collaboration in financing and mining. During the meeting, an agreement was reached to set a timeline for implementing the stages of cooperation in the fields of financing and mining. Moreover, Mehra reviewed proposals and models for cooperation with Egypt in the fields of financing, technical, and technological support in the mining sector. He emphasized that the company’s cooperation with Egypt is part of a long-term strategy, stating that the company believes in Egypt’s significant potential within the…

For oil markets, all roads have led to Alaska this week. Specifically, to the Elmendorf-Richardson military base in Alaska where US President Donald Trump and his Russian counterpart Vladimir Putin are to hold talks on 15 August in one of the most anticipated political events in recent years. The outcome of the discussions could have a profound impact on global oil markets, determining whether the Trump administration will commit to a tougher political stance on Russia over the war in Ukraine and push ahead with tightening sanctions on the export of Russian oil, or if it will adopt the more…

Thirty-eight projects were launched by the Egyptian General Petroleum Corporation (EGPC)  during the fiscal year (FY) 2024/25; of these, 18 are now fully operational, while 20 are in advanced stages of execution, according to an EGPC statement on the status of energy transition projects in its affiliated companies.  These projects led to an annual financial saving of approximately EGP 5.2 billion. The projects added 30 megawatts of solar power capacity and reduced diesel consumption by around 68 million liters annually. Additionally, 4.5 billion cubic feet of flare gases were utilized and converted into value-added petroleum products, contributing to a reduction…