- Crude Oil (WTI) 90.81 USD/bbl -2.19%
- Crude Oil (Brent) 104.01 USD/bbl -1.15%
- NYMEX Natural Gas 3.04 USD/MMBtu -0.98%
- OPEC Basket Price 111.75 USD/bbl -0.91%
investment
IFC Mulls $120 Mn Debt Financing for Egypt’s Gabal El Zeit Wind Farm
The International Finance Corporation (IFC), the World Bank's private sector arm, is considering extending a $120 million debt facility to UAE's Alcazar Energy to fund the acquisition, operation, and maintenance of the 580-megawatt (MW) Gabal El Zeit (GEZ) wind farm in Egypt’s Red Sea Governorate, according to an IFC’s release. In June 2026, Alcazar Energy signed a $420 million agreement with New and Renewable Energy Authority (NREA) and the Egyptian Electricity Transmission Company (EETC) for the acquisition of the wind farm. The agreement established the commercial terms of the transaction and secured the project’s 25-year power purchase agreement (PPA) with EETC, guaranteed by the Ministry of Finance.
Naphtha exports
Gulf Naphtha Flows to Asia Rise as UAE, Kuwait Use STS transfers
The UAE and Kuwait increased naphtha exports to Asia to nearly 1.6 million metric tons in August and September, using ship-to-ship transfers outside the Strait of Hormuz to support petrochemical production amid disrupted regional trade flows.
Karim Badawi
Badawi Advances Global Mining Cooperation with DRC, Saudi Arabia, and World Bank
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi held separate talks with officials from the Democratic Republic of Congo, Saudi Arabia and the World Bank to expand mining cooperation and investment.
Egypt
Badawi: 14 Multinational Companies Bid for Egypt Mining Licences Since June
119 mining companies have applied for licences across Egypt since the launch of the Open Blocks licensing system on 10 June 2026, including more than 14 foreign firms from Australia, the United Kingdom, Canada, Saudi Arabia, Turkey, South Africa, India and China, Minister of Petroleum and Mineral Resources Karim Badawi said at the opening session of the fifth edition of Egypt’s Mining Forum(EMF) 2026. He explained that these companies submitted 403 bids for 118 blocks out of a total of 335 offered, covering nearly 45,000 square kilometres. The areas include promising deposits of gold, phosphate, talc, kaolin, and other minerals.
EUG Highlights North El Maamura Block Ahead of December Bid Round Deadline
The Egypt Upstream Gateway (EUG) has provided an overview of the North El Maamura Offshore block, one of the 14 blocks included in the Ministry of Petroleum and Mineral Resources (MoPMR)’s 2026 international bid round, launched on August 11. According to EUG, the block covers an area of 2,040 square kilometers (km²) in the Nile Delta geologic basin. It is located offshore in the Mediterranean Sea, approximately 90 km north-northeast of Alexandria, with its southern and northern boundaries situated roughly 75 km and 110 km from the shoreline, respectively. Three wells have previously been drilled in the block at water depths ranging from 1,000 to 1,550 meters (m).
Egypt, Libya Sign MoU to Strengthen Energy Cooperation
Egypt and Libya signed a memorandum of understanding (MoU) to strengthen cooperation in electricity and energy, with a focus on upgrading Libya’s power network and supporting its growing infrastructure and development needs. The agreement expands a broader Egypt-Libya energy relationship. In January 2026, Egypt’s Petroleum Projects and Technical Consultations Company (PETROJET) and Libya’s National Oil Corporation (NOC) signed an MoU covering cooperation in petroleum, natural gas, and mining.
Egypt
Egypt, AngloGold Ashanti Eye Wider Partnership Beyond Sukari
Egypt seeks to broaden its partnership with global mining company AngloGold Ashanti beyond operating the Sukari Gold Mine, aiming for a comprehensive strategic alliance, said President Abdel Fattah El-Sisi on the sidelines of the Egypt Mining Forum (EMF 2026). The remarks came during a meeting between the president and the company's CEO Alberto Calderón, where El‑Sisi stressed that the enhanced cooperation would focus on exploration, technology transfer, technical training, local supply‑chain development, and attracting fresh foreign investment into Egypt’s mining sector. Calderon said Egypt is among AngloGold Ashanti’s priority investment destinations and outlined plans to increase investment in promising mining sites in the country, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR).
Oil Exports
Middle East Oil Exports Surge as Saudi Arabia Drives September Recovery
Crude oil exports from key Middle Eastern producers are set to rebound to 12.8 million barrels per day (mmbbl/d) in September, their highest level since the US-Israeli war with Iran began in February, as Saudi Arabia and the United Arab Emirates (UAE) increase shipments, according to preliminary data from analytics firm Kpler cited by Reuters.
