Latest news with #KareemBadawi
Daily News Egypt
26-05-2025
- 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).
Zawya
20-05-2025
- Business
- Zawya
We support Egyptian Drilling Company's expansion, with focus on Saudi, Kuwait: minister
Egypt - 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.
