Author: Rigs & Barge World

Egypt imported a three-month high 890mn cfd of gas from Israel in July, a 59% month-on-month increase, data obtained by MEES indicates. Flows had dropped to just 560mn cfd in June after Israel’s Leviathan and Karish gas fields were taken offline during its 12-day war with Iran (MEES, 13 June). While flows have not resumed to their previous heights of 1bn+ cfd, the 890mn cfd supplied last month was level with the same month last year (see chart 1). July and August are the peak gas demand months in Israel and exports to Egypt typically dip somewhat as a result.…

Indian Oil Corporation (IOC), the state-owned multinational oil and gas company, along with Bharat Petroleum  (BPCL.NS), have secured Russian crude cargoes for delivery in September and October, marking a return to purchases after the price discounts widened, two company officials told Reuters. These actions could reduce the share of China, the top buyer of Russian oil, in these imports. Sources told  Reutes that China bought 15 cargoes of Russian oil for October and November. The Indian refiners stopped buying Russian oil in July due to narrow price discounts in addition to US threats for an additional 25% tax on Indian…

Syrian Energy Minister Mohammad al-Bashir visited Baghdad this week, meeting Iraqi Prime Minister Mohammed al-Sudani to discuss plans to revive the Kirkuk-Banias crude oil pipeline after more than two decades offline. Discussions centered on “the possibility of reviving the Kirkuk–Banias oil pipeline, in light of the formation of a joint technical committee to assess the condition of the pipeline and explore options for its rehabilitation, as one of the projects planned by the government in its efforts to diversify export outlets,” the prime minister’s office said in a statement. (CONTINUED – 392 WORDS) Read this article for free Gain access…

The Egyptian Ethylene and Derivatives Company (ETHYDCO) has fully met its production target for 2024, leading to a rise in domestic sales as well as expanding exports to 35 international markets, particularly Europe (the company’s main export market) and Turkey, in addition to Latin America, where export volumes increased by 130%, according to its Chairman, Hesham Riyad. The company also focused on growth in African markets and worked on maximizing the value of its by-products, marketing them both locally and internationally. This announcement was made during the company’s General Assembly meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral…

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…