عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt's EGAS Awards 6 Blocks in Mediterranean, Nile Delta, N. Sinai to Int’l Companies

A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
TT
TT

Egypt's EGAS Awards 6 Blocks in Mediterranean, Nile Delta, N. Sinai to Int’l Companies

A general view of the Nile River from the Egyptian capital, Cairo (Reuters)
A general view of the Nile River from the Egyptian capital, Cairo (Reuters)

Egypt's EGAS has awarded four blocks in the Mediterranean, one in the Nile delta, and one in North Sinai to international companies, according to a petroleum ministry statement on Wednesday.

Companies will invest $ 245 million to drill at least 13 new exploratory wells during the exploration period.

A consortium of Chevron Egypt and  Shell's BG Group was awarded the North Samian offshore block and Northwest Atoll offshore block, where it will drill two exploratory wells in each block.

The North Ras El Tin offshore block was awarded to Eni's IEOC, with plans to drill three exploratory wells.

Cheiron Egypt will drill three exploratory wells in East Alexandria offshore block, while IPR will drill two exploratory wells in the North Tanta onshore block and Perenco will conduct 3D seismic survey and drill one exploratory well in El Fayrouz onshore block in North Sinai.

Most Viewed

 
 
Business

Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
TT
TT

Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL

Malaysia is seeking new sources of fuel amid a global crunch caused by the war in Iran, though any supplies would need to be able to be processed by the country's refineries, the Economy Minister said on Wednesday.

Malaysian refineries are largely dependent ⁠on crude oil originating ⁠from the Middle East. Some have reduced output due to a lack of feedstock following the closure of the Strait of Hormuz, a ⁠key waterway for global oil and gas supplies.

Malaysia was looking to procure oil from African countries, Russia and Türkiye, among others, minister Akmal Nasir told reporters, according to Reuters.

"It is not just about looking everywhere for supply, but about whether the supply ... is ⁠suitable ⁠for the facilities that we have," Akmal said.

He said the country's energy reserves were sufficient until the end of July based on existing agreements, adding the government was reluctant to rush into any new long-term deals given the volatility in oil prices.

Business

Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
TT
TT

Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)

Gold fell to an 11-week low on Wednesday, as oil prices rose on renewed hostilities between the US and Iran, fueling concerns about inflation and interest rate hikes.

Spot gold was down 1.7% at $4,191.84 per ounce by 0747 GMT, after hitting its lowest level since March 23. US gold futures for August delivery shed 1.6% to $4,215.60, Reuters reported.

"We're seeing a kind of readjustment broadly ⁠in what global central ⁠banks are going to do, and there's been a major hawkish shift," said Ilya Spivak, head of global macro at Tastylive.

The United States on Tuesday launched strikes against Iran after President Donald Trump said Tehran had shot down a US Apache helicopter in the Strait ⁠of Hormuz. Iran's Revolutionary Guards said they retaliated with attacks against a US base in Jordan and 21 other targets in the Gulf on Wednesday.

Oil prices rose, keeping up expectations that interest rates would stay higher for longer.

While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Traders are now pricing in a more than 70% chance of a US rate hike by December, according to the CME ⁠FedWatch tool.

Markets ⁠are awaiting key US inflation reports this week, including the May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday, to gauge the Federal Reserve's monetary policy stance.

"If we can break the $4,100 level, I think the path of resistance fundamentally changes for gold, and we might be starting to look at $3,500 as the next level into the end of the year," Spivak said.

Spot silver fell 1.3% to $64.54 per ounce, platinum dropped 3% to $1,675.25, and palladium fell 0.7% to $1,213.47.

Business

Saudi Industry Minister Reviews Gold Processing Technologies at Tau-Ken Altyn Refinery in Kazakhstan

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
TT
TT

Saudi Industry Minister Reviews Gold Processing Technologies at Tau-Ken Altyn Refinery in Kazakhstan

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and other officials are seen during the tour of the gold refinery in Astana on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited the gold refinery operated by Tau-Ken Altyn in Kazakhstan's capital, Astana, on Tuesday.

The minister reviewed the technologies and processes used in gold processing and refining and met with Tau-Ken Altyn chief executive Arnur Aidarkhanov and chief economic and financial officer Ruslan Zhumagulov.

Discussions focused on opportunities for cooperation and the exchange of expertise in the mining and metals industries.

The minister received a briefing on the refinery's operations and its role in enabling Kazakhstan to refine gold domestically and enhance the value added from its mineral resources.

It highlighted the refinery's contribution to strengthening the country's gold and foreign exchange reserves, with the facility regarded as a strategic asset in Kazakhstan's precious metals sector.

Alkhorayef toured the refinery’s facilities, including its gold refining operations, processing units, and gold bullion production lines, which operate using advanced technologies and in accordance with the highest international standards.

He also reviewed the refinery’s accreditation by the London Bullion Market Association, which confirms that its products comply with internationally recognized standards in the global gold market.

The minister's tour was part of his official visit to Kazakhstan, which aims to strengthen economic ties between Riyadh and Astana and build effective partnerships in the mining and metals sectors.