Oil & Gas Algeria sets $7bn investment target for refinery projects Algeria has reportedly launched new petrochemical and refining projects worth $7 billion, part of its drive to diversify its state revenue sources and tackle a persistent budget deficit. Mohamed Arkab, the Algerian energy minister, revealed the projects during a parliament policy session on Thursday, local press reported on Friday. The projects in north and east […] June 13, 2025
Oil & Gas Strong Chinese demand keeps Iranian oil flowing Iran’s refining facilities and oil storage did not sustain any damage from Israel’s strikes on Friday, according to the National Iranian Oil Refining and Distribution Company. Israel targeted its nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building a […] June 13, 2025
Oil & Gas Oil hits $78 and stocks rattle as Middle East tensions flare Oil prices rose more than 9 percent and the Asian stock market dived on Friday morning after Israel launched attacks on Iran. Brent surged to $78 a barrel in the biggest intraday gain since March 2022, before settling lower at $74 by 05:56 GMT. US West Texas Intermediate crude rose 9.3 percent to $74.36 a […] June 13, 2025
Renewable Energy African Development Bank part-funds Egypt’s solar project The African Development Bank Group (AfDB) has approved up to $184.1 million in financing for Egypt’s Obelisk solar power and battery storage project. The project involves the construction and operation of a one gigawatt )GW) solar photovoltaic plant and a 200-megawatt-hour battery energy storage system in south Egypt. The project’s total cost is estimated at […] June 13, 2025
Oil & Gas Oil jumps over 7% amid rising Middle East tensions Oil prices jumped more than 7 percent on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures rose $5.29, or 7.63 percent, to $74.65 a barrel by 01:42 GMT after hitting an intraday high of $75.32, […] June 13, 2025
Oil & Gas Egypt signs LNG supply deals with global companies Egypt has reportedly signed contracts to purchase additional liquefied natural gas (LNG) from global energy companies to meet peak summer electricity demand and falling domestic production. The deals were signed with state-owned Saudi Aramco, Singapore’s Trafigura Group and Switzerland’s Vitol Group, Bloomberg news agency reported, citing informed sources. The state-run Egyptian Natural Gas Holding Company has also […] June 13, 2025
