- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Egypt
Korra Energi Debuts on EGX
Trading in energy solutions firm Korra Energi began today on the Egyptian Stock Exchange, following an offering earlier this month of an 11% stake split between a private placement for institutions (60%) and a public tranche for retail investors (40%) at EGP 2.97 per share. Founded in 1982 as a land reclamation operation, Korra has evolved into a diversified energy and infrastructure player with a focus on efficiency, inaugurating Egypt’s first tri- generation plant, which produces electricity, heating, and cooling simultaneously from a single fuel source, in 2022.
Saudi Arabia
Saipem Secures €900 Mn Gas Compression Plant Contract in Saudi Arabia
Italian energy services company Saipem has been awarded a new onshore contract for the Uthmaniyah Gas Compression Plant project in Saudi Arabia, with Saipem’s share of the contract valued at about €900 million, noted a press release by Saipem.
Open-pit mining
MRMIA Launches Open Blocks System for Gold, Ores Exploration
The Mineral Resources and Mining Industries Authority (MRMIA) launched an Open Blocks System offering exploration and exploitation opportunities across several mineral commodities. The bid round targets gold and associated minerals, phosphate, talc, and kaolin. The offering officially commenced on Wednesday, June 10, at 12:00 PM Cairo time.
electricity grid
Madbouly Reviews Financing Mechanisms for Renewable Energy Projects
Prime minister Mostafa Madbouly, held a meeting to follow up on securing financing for new and renewable energy projects, ensuring alignment with their implementation timelines, according to a statement issued by the Cabinet.
LPG
US Considers Releasing Strategic Reserves to Association of Southeast Asian Nations
The US is considering releasing part of its strategic energy reserves and increasing exports of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) to the Association of Southeast Asian Nations (ASEAN) as part of efforts to strengthen regional energy security, Reuters reported, citing US Deputy Secretary of State Christopher Landau.
cooperation
Badawi Meets US, Greek Counterparts on Energy Cooperation
Karim Badawi, Minister of Petroleum and Mineral Resources, met with US Secretary of Energy Chris Wright at the US Department of Energy headquarters to discuss expanding the strategic energy and mining partnership between the two nations. On the sidelines of the East Mediterranean Gas Forum (EMGF 2026) ministerial meetings in Washington, D.C., Badawi held separate talks with Stavros Papastavrou, Greece’s Minister of Environment and Energy, to advance the Egyptian-Greek strategic energy partnership.
Kuwait
Badawi, KPC’s Al‑Sabah Explore Boosting Kuwaiti Investment in Egypt’s Oil, Gas
Badawi met with Sheikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC), on the sidelines of his visit to the United States.
KPC
KPC Returns to Spot Market Amid Iran War Disruptions
Kuwait Petroleum Corp (KPC) has offered prompt-loading fuel products on the spot market for the first time since the outbreak of the Iran war, four sources familiar with the matter revealed, according to Reuters. Separately, KPC was offering 4 million barrels of crude through a tender, with the cargo sourced outside the Persian Gulf and directed to buyers in Asia, according to a fifth source with direct knowledge of the matter.
