Iraq, Egypt, and Jordan discuss new Red Sea, Med outlets for Iraqi crude

Iraq, Egypt, and Jordan are back at the table on export routes outside the Gulf: Officials from Iraq, Egypt, and Jordan met on Sunday to discuss new outlets for Iraqi crude and petroleum products on the Red Sea and the Mediterranean, as well as joint storage, refining, and petrochemical projects, according to an Iraqi Oil Ministry statement.

The timing makes sense, with Iraq selling Gulf crude at steep price reductions. It recently sold around 10 mn barrels from its southern ports at markdowns of USD 25-28 a barrel, mostly to Indian refiners, giving up about USD 250-280 mn in total, by our math. The price reductions cover freight and ins. for buyers lifting from Iraq’s terminals, according to the Oil Ministry.

First on the table is the Basra-Haditha pipeline. The three sides reviewed the planned line’s diameter, capacity, target volumes, and possible branches, according to the statement. The Iraqi Cabinet authorized the ministry in April to invite bids for the USD 4.6 bn pipeline, which is designed to carry around 2.3 mn bbl / d north to help feed Turkey’s Silopi-Ceyhan link.

Don’t expect terminals or a timetable just yet, as the statement didn’t name either, and Ali Warid Hammoud, director general of the Oil Projects Company, who chaired the meeting, said technical talks will continue so the projects can move toward implementation.

REMEMBER- Iraq’s ambassador to Egypt outlined proposals in 2017 to extend oil and gas pipelines from Basra to Jordan, through Aqaba, and on to Egypt. Iraq is also pursuing routes through Syria and Turkey.

Titan doubles up on solar

Titan Egypt is nearly doubling the planned solar capacity at its Beni Suef cement plant to 21.45 MW, four months after signing the first phase, adding 10 MW with SolarizEgypt, according to a press release (pdf). The addition builds on the June agreement for an 11.45 MW plant, under which SolarizEgypt develops, finances, owns, and operates the plant, and Titan’s Beni Suef Cement subsidiary buys the power under a 25-year power purchase agreement. The expanded project is expected to generate about 43.2 GWh a year once operational, covering part of the plant’s electricity needs. Financial terms and a start date haven’t been disclosed.

REMEMBER- Third-party solar isn’t new to Egyptian cement: Arabian Cement said its 20.6 MW plant, built with Amarenco SolarizEgypt, could cover about 10% of its total energy needs once its second phase was complete. CEO Amr Reda has said Titan plans to invest EGP 3 bn in its green transition, including ending clinker exports.

Powering down debt

EGX-listed Electro Cable Egypt (ECE) is seeking to raise EGP 650 mn in a rights issue to pay down part of its EGP 3.39 bn in bank debt (as of 30 June), according to a feasibility study (pdf) submitted to the EGX after it was cleared by the FRA. Shareholders will vote on the plan at an extraordinary general meeting on 16 November, according to a disclosure (pdf). The board unanimously approved the rights issue in August, alongside a hike in the company’s authorized capital ceiling to EGP 3 bn from EGP 850 mn, according to a separate disclosure (pdf). The issue would lift ECE’s issued capital to about EGP 1.31 bn from EGP 662.7 mn.

Why it matters: The study projects cumulative financing-cost savings of EGP 1.36 bn over 2027-2031, with annual interest savings rising from EGP 113.1 mn in 2027 to EGP 395.5 mn in 2031. Without the raise, it projects a cumulative net loss of EGP 635 mn over 2026-2031, against a net income of EGP 552 mn with it. Revenue is identical in both scenarios, so the gap is entirely financing costs.

Taking the reins

Al Baraka Capital is bringing its first fund in-house: Al Baraka Capital, the investment arm of EGX-listed Al Baraka Bank Egypt, will take over as investment manager of Manasek — the shariah-compliant, daily-accrual fixed income fund it set up in 1Q 2026 — after meeting the Financial Regulatory Authority’s requirements, according to a company statement cited by Al Borsa. To get there, it has built out the unit’s digital infrastructure, hired capital markets staff, and signed distribution contracts with fintech players to widen access. CEO Amir Sharif says new portfolios and funds spanning money market, fixed income, equities, precious metals, and sector funds are next.