Latest news with #MinistryofPetroleumandMineralResources'
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.
See - Sada Elbalad
13-04-2025
- Business
- See - Sada Elbalad
Egypt Makes Three Crude Oil, Gas Discoveries in Western Desert
Taarek Refaat The Egyptian Ministry of Petroleum announced three crude oil and gas discoveries in the Western Desert on Saturday, noting that these discoveries are part of its efforts to enhance the country's utilization of its mineral resources and intensify exploration efforts. The ministry said in a statement, "As part of the Ministry of Petroleum and Mineral Resources' commitment to maximizing production rates and encouraging operating companies to increase exploratory drilling activities, reflecting the promising potential of the Egyptian energy sector, Khalda Petroleum Company has succeeded in achieving three new crude oil and gas discoveries in its concession areas in the Western Desert." The ministry's statement added that the new discoveries "will add an estimated reserve volume of 12 million barrels of oil equivalent and a recoverable reserve of 4 million barrels of oil equivalent." The ministry explained that "the discoveries were tested and evaluated, and the daily production rate reached approximately 2,750 barrels of oil and condensates and 20 million cubic feet of gas. The associated gas reserve volume is currently being calculated by Khalda Company." The ministry stated, "These discoveries represent a significant return to the work of partner Apache Corporation in developing gas in these areas in parallel with crude oil, following the implementation of the new price adjustment incentives. This will raise Khalda's gas production above 480 million cubic feet of gas and will soon reach 500 million cubic feet. Without this initiative, gas production would have decreased to 380 million cubic feet of gas within six months." In March 2025, Egypt received a gas production boost from the West Delta concession, which added 320 million cubic feet to the country's production, a move that will reduce its import bill and meet growing domestic demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
