Latest news with #Badawi
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Petroleum Minister inaugurates TAQA's new integrated operations center in Cairo
Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, officially inaugurated the new integrated operations center for Saudi Arabian energy company TAQA, located in Cairo's Katameya district. The center will serve as a key hub for managing the company's activities in Egypt and the broader region, and is positioned to become a launchpad for TAQA's expansion across Africa. The initiative capitalizes on Egypt's strategic advantages — including its robust infrastructure, competitive logistics, and geographic location — to strengthen regional energy cooperation and attract international investment. TAQA, a leading provider of services to oil production sites and the wider energy sector, leverages innovation, technology, and sustainable practices to advance its mission. The inauguration ceremony was attended by senior energy officials, including Tamer Idris, Vice Chairperson for Production at the Egyptian General Petroleum Corporation (EGPC); Mohamed Radwan, Vice Chairperson of Ganoub El Wadi Holding Company (GANOPE) for Agreements and Exploration and Director of the Egypt Upstream Gateway (EUG); TAQA Chairperson Khaled Noah; Amir Nassim, Vice President of Operations; Hossam Abou Seif, Vice President for Africa and Iraq; and Moataz Serag, Egypt Country Director. Executives from production companies and international energy firms operating in Egypt were also present. During the opening, Minister Badawi reaffirmed the depth of historic ties between Egypt and Saudi Arabia, emphasizing the flourishing energy partnership between the two nations. He commended Saudi Minister of Energy Prince Abdulaziz bin Salman for his pivotal role in strengthening bilateral cooperation, highlighting his remarks at the recent Egypt Energy Show (EGYPES) as a testament to the strength of the relationship. Welcoming TAQA's expanded presence in Egypt, Badawi noted that the new center reflects the company's serious commitment to investing in and operating within the country. 'We are unlocking the full potential of Egypt's energy sector and the region,' he said. 'The ministry's six strategic pillars pave the way for broad cooperation with TAQA — from boosting production through advanced technologies and supporting mining, to renewable energy, emissions reduction, enhanced safety systems, and energy efficiency — all while bolstering regional collaboration with Saudi Arabia.' TAQA Chairperson Khaled Noah described the center as a milestone in the company's development and a model of successful partnership with Egypt. He emphasized TAQA's commitment to investing in the country's energy sector, especially in developing solutions to reduce carbon emissions — where Egypt is at the forefront of the company's initiatives. Noah praised Egypt's forward-looking energy strategy, highlighting TAQA's role in channeling investments, creating jobs, and providing advanced technological services to support the nation's energy goals. Attendees also received a comprehensive briefing on the center's capabilities, which include the use of advanced technologies in energy operations, equipment design and maintenance, and a specialized training facility to support workforce development.
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
FSRU Energos Power arrives at Alexandria Port to boost summer gas supply
The Energos Power, a new Floating Storage and Regasification Unit (FSRU) operated by US-based New Fortress Energy, has docked at the southern berth of the Tahya Misr terminal in Alexandria Port after arriving from Germany. The ship's arrival marks a key step in Egypt's strategy to secure natural gas supplies for power generation during the high-demand summer season. Minister of Petroleum and Mineral Resources Kareem Badawi welcomed the vessel on Monday, accompanied by senior officials from the ministry and the Egyptian Natural Gas Holding Company (EGAS). The Energos Power is equipped to receive imported liquefied natural gas (LNG), convert it back into its gaseous form, and feed it directly into Egypt's national gas grid. Minister Badawi said the move aligns with the government's broader energy strategy aimed at maintaining electricity grid stability during peak usage periods. 'This second regasification ship is a result of recent discussions with the German government, both in Cairo and during my visit to Berlin last March,' Badawi noted. 'It reflects our continued commitment to expanding LNG import infrastructure and ensuring reliable energy supplies.' The new FSRU joins an existing regasification unit stationed at the SUMED Port in Ain Sokhna. EGAS has also signed contracts to lease two additional FSRUs, expected to arrive soon, which would bring the total number to four. According to the ministry, this expansion is designed to enhance the flexibility and efficiency of Egypt's gas supply chain, especially as domestic demand surges during the hotter months. Badawi emphasized ongoing coordination between the Ministries of Petroleum and Electricity, alongside other key stakeholders, to ensure a stable and uninterrupted power supply throughout the summer. The Energos Power has a storage capacity of 174,000 cubic meters of gas. Following its arrival, Minister Badawi toured the vessel along with senior figures including Yassin Mohamed, EGAS Executive Managing Director; Moataz Atef, Assistant Minister and Spokesperson; Khaled El-Badry, Assistant Minister for Projects; Hossam Nabil, Head of Petroleum Sector Security; Waleed Lotfy, Chairperson of Petrojet; and Wael Lotfy, Chairperson of ENPPI. The Minister was received at the port by Ehab Salah, Chairperson of Alexandria Port Authority, and Abdelkader Darwish, Chairperson of the Egyptian Company for Multipurpose Terminals (EGMT).
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Egypt targets regional mining hub status, prioritises value-added projects
Egypt is aiming to transform into a regional hub for mining industries, with value-added projects identified as a top priority in the Ministry of Petroleum and Mineral Resources' operational strategy, according to a Tuesday government statement. Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the petroleum and mining sectors attach paramount importance to value-added projects and maximising the utilisation of Egypt's petroleum and mineral wealth. 'This will be achieved by expanding local manufacturing projects, producing world-class products, and subsequently exporting to international markets, thereby securing foreign currency for Egypt,' Minister Badawi stated. He highlighted the goal of transforming Egypt into a regional hub for mining industries by leveraging its advanced infrastructure and distinct geographical location. Minister Badawi added that efforts are currently underway to develop the mining operations system, a key component of the mining sector's focus within the Ministry's current operational strategy. This initiative commenced with the transformation of the Mineral Resources Authority into an economic entity, aiming to increase the mining sector's contribution to the Gross Domestic Product (GDP) to 5% or 6%. These remarks were made during the General Assembly of Misr Phosphate Company, convened to approve the financial results for the fiscal year 2024. During the assembly, Minister Badawi emphasised the necessity of formulating a five-year action plan for ongoing projects, including specific timelines for their completion. He also called for a comprehensive inventory of Egypt's available phosphate reserves and noted an upcoming visit to the Abu Tartur phosphate region to monitor work progress. Mohamed Abdel Azim, Chairperson of Misr Phosphate Company, delivered a detailed presentation on the company's performance for fiscal year 2024 and its key performance indicators. He confirmed that Misr Phosphate Company aims to undertake exploration, prospecting, and investment in phosphate, as well as secure exploration and exploitation licences in various phosphate-bearing areas. He stressed that Misr Phosphate is one of Egypt's largest phosphate ore producers, operating through several concessions and licences for exploration, exploitation, and production in regions including Abu Tartur (New Valley), Al Shaghab (Red Sea), and Al Sebaiya (Nile Valley). Furthermore, the company manages certain mines owned by the Egyptian Mineral Resources Authority (EMRA) in the Al Shaghab areas of the Red Sea, producing various grades of phosphate ore suitable for diverse global markets. Abdel Azim indicated that the company implements numerous production and marketing operations to achieve its primary objectives. This is guided by a strategy focused on maximising production and sales while rationalising expenditures, all based on a balance between production and sales. According to 2024 statistics, Misr Phosphate Company has become the leading exporter of phosphate ore, accounting for 50% of Egypt's total phosphate ore exports. The company also supports the domestic market by supplying all locally required grades of phosphate ore, facilitating raw material processing and maximising the added value of Egyptian resources. To sustain the company's growth, which requires exploiting new areas to boost production and expand phosphate ore reserves, robust exploration and prospecting plans are in place. 'Currently, drilling operations are underway to confirm phosphate ore deposits, calculate geological and mining reserves across various regions, and prepare for sustained production,' Abdel Azim explained. These efforts ensure the company continues to implement its strategy of maximising output and maintaining its leadership position among exporting companies. Misr Phosphate Company also aims to undertake several value-added projects. This includes a 24% equity participation in the establishment of a phosphoric acid production plant, planned for the Abu Tartur area in the New Valley, with investments totalling approximately $640m. Additionally, Misr Phosphate is collaborating with the Indian company Indorama to establish a joint venture for a phosphate fertiliser plant in the Ain Sokhna area, with investments reaching around $500m. Regarding financial indicators for Misr Phosphate Company, net sales from its operations in Abu Tartur, the Red Sea, and Al Sebaiya reached EGP 7.9bn this year, a 149% increase compared to the previous year. Profit after tax amounted to EGP 3.3bn in fiscal year 2024, representing a 194% increase from the prior year. Misr Phosphate Company is pursuing institutional development in full coordination with the Ministry of Petroleum and Mineral Resources and EMRA. This involves advancing exploration techniques, enhancing production activity performance, and developing human resources. Furthermore, it includes supporting decision-making processes, integrating information, and directing the company towards value-added applications for produced phosphate to maximise economic returns from phosphate ore. The company is also committed to providing a comprehensive range of community services to urban settlements surrounding its production sites. This underscores its dedication to fulfilling its social responsibility, which has become a cornerstone of the state's public policy. The General Assembly meeting was attended by Engineer Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Yasser Ramadan, CEO of the Egyptian Mineral Resources Authority (EMRA); Ashraf Bahaa, Chairperson of the South Valley Egyptian Holding Company (Ganope); Moataz Atef, Undersecretary of the Ministry for the Minister's Office, Technical Office, and Official Spokesperson; Accountant Ashraf Qotb, Undersecretary of the Ministry for Financial and Economic Affairs; Ahmed Randy, Head of the Central Administration for Communications at the Ministry; and representatives of the Central Auditing Organization.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
We support Egyptian Drilling Company's international expansion, with focus on Saudi Arabia, Kuwait: Petroleum Minister
Kareem Badawi, Minister of Petroleum and Mineral Resources, has reiterated the Ministry's support for the Egyptian Drilling Company's (EDC) strategic expansion into international markets, particularly strengthening its footprint in Saudi Arabia and Kuwait. Speaking during the company's general assembly meeting, Badawi described EDC as a leading player in both onshore and offshore oil and gas well drilling in the region. He noted the company's proven success in Saudi Arabia and Kuwait, attributing its performance to operational excellence, a robust fleet, and highly skilled human capital. 'The Ministry fully backs EDC's plans to grow abroad, especially in established markets like Saudi Arabia and Kuwait, while exploring opportunities in new territories,' Badawi said. He highlighted the company's strong competitive advantages, including its leadership in the domestic market, deep experience with major international operators in Egypt, and an integrated fleet of onshore and offshore drilling rigs. Badawi also emphasized the importance of maximizing the use of EDC's assets—especially its rig fleet—as the company plays an increasingly vital role in achieving the Ministry's strategic goals: increasing domestic production and reinforcing global partnerships. He called for enhanced focus on human capital development, particularly in upskilling and preparing new generations of talent in this specialized field. The Minister also underscored the need for continued excellence in safety practices, urging EDC to integrate lessons learned from past incidents and maintain high safety standards across operations. Expansion across Global Markets Osama Kamel, Chairperson of EDC, presented the company's performance highlights, noting substantial progress in expanding operations outside Egypt. EDC has initiated collaborations with new clients and is exploring entry into new markets, including India, the UAE, Qatar, Oman, Turkey, Algeria, West Africa, Brazil, and Thailand—alongside ongoing expansion in Saudi Arabia and Kuwait. Kamel stated that EDC currently owns and operates a fleet of 69 rigs dedicated to oil and gas well drilling and maintenance, both onshore and offshore. The company employs around 6,000 engineers, technicians, and workers across Egypt, Saudi Arabia, and Kuwait. In 2024 alone, EDC drilled approximately 200 new wells and conducted maintenance and repair work on over 600 wells. Two new onshore drilling rigs equipped with the latest technologies were added to the fleet. The company maintained safety indicators above global industry benchmarks, with zero lost-time incidents reported during rig operations. Its safety systems undergo regular review by certified external auditors. Recognition and Operational Excellence Kamel highlighted the performance of EDC's Saudi subsidiary, Egyptian Drilling & Petroleum Services, which continues to deliver high standards in its operations with Saudi Aramco. Currently, ten of the company's rigs—both onshore and offshore—are operating in the Kingdom. Notably, EDC's land rig EDC 45 received the 2024 Excellence Award from Aramco, continuing a long-standing tradition of the company's rigs being ranked among Aramco's best performers. EDC also achieved an average equipment performance efficiency of 97.2% over the past three years, as reported by Aramco. In Kuwait, the company maintained its strong track record, receiving a certificate of excellence for its operational performance in the market. Financial and Talent Development Milestones EDC reported revenues of approximately $406m in 2024. In parallel with its growth strategy, the company remains committed to human capital development. It has launched extensive training programs for newly graduated engineers, ensuring a steady pipeline of skilled professionals. EDC's dedicated training center, one of the most prominent in the region, is internationally accredited and offers programs aligned with the latest global standards—contributing significantly to workforce efficiency and capability enhancement.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Tharwa Petroleum 2024 results approved; Minister calls for new investment arm
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, on Monday approved the 2024 operational results of Tharwa Petroleum Company during its General Assembly meeting. During the assembly, Badawi emphasised the importance of building on Tharwa Petroleum's recent achievements in exploration, production, and petroleum services. He called for leveraging the company's capabilities and skilled technical personnel to establish a technical arm for identifying new investment opportunities, both domestically and internationally, through partnerships with investors. He also highlighted the potential of Egypt's digital portal for exploration and production in achieving this. 'The ministry will continue to support Tharwa Petroleum in expanding its operations and enhancing its competitiveness in exploration and production activities, both in Egypt and abroad, especially as it is a 100% Egyptian joint-stock company,' Badawi added. Mahmoud Abdel Hamid, Chairperson of Tharwa Petroleum, reviewed the company's key achievements during the year. He explained that the company successfully increased its confirmed reserves by approximately 3.5m barrels in the West Kalabsha area in the South Desert and opened new development prospects to increase production rates. Abdel Hamid noted the company's adoption of a cost-rationalisation policy, particularly for direct operating expenses in its managed areas. This was achieved by starting to replace rented production facilities with permanent ones. Additionally, efforts were made to improve energy utilisation efficiency, reduce the gap between generated electrical capacity and actual loads, and optimise the use of associated gases as an alternative fuel to diesel. This contributed to a tangible saving in diesel consumption and had a positive environmental impact by reducing carbon dioxide emissions, he said. The chairperson added that in 2024, the company achieved 3.7m safe collective work hours without lost time incidents for the ninth consecutive year. This resulted from continuous efforts to promote a culture of occupational safety and health among employees, including numerous training courses and awareness seminars as part of sustainable development initiatives. Tharwa Petroleum also prioritised implementing training programmes to develop human resources, considered the cornerstone for continuous improvement and sustainability, aligning with the ministry's digital transformation HR management system was developed using SAP, Abdel Hamid stated. The General Assembly was attended by Ehab Ragaey, First Undersecretary of the Ministry for Production; Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC) and his deputies; Yassin Mohamed, Chairperson of the Egyptian Natural Gas Holding Company (EGAS); Ashraf Bahaa, Chairperson of the Ganoub El Wadi Petroleum Holding Company (Ganope); Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Moataz Atef, Undersecretary of the Ministry for the Minister's Office, Technical Office, and Official Spokesperson; Accountant Ashraf Qotb, Undersecretary of the Ministry for Financial and Economic Affairs; Ahmed Randy, Head of the Central Administration for Communications; and representatives from the Central Auditing Organisation.
