ENERGY -

Eni to ramp up operations in Egypt: Italian energy giant Eni plans to drill new wells in its concessions in Egypt as it looks to ramp up production, COO Guido Brusco said during a meeting with newly-appointed Oil Minister Karim Badawi, according to a statement from the ministry.

A change of course: Back in April, it was reported that Eni had slowed down exploration operations in Egypt. The company’s production in Egypt dropped by 11.7% y-o-y to 293k barrels of oil equivalent by the end of the 1Q 2024.

DEBT WATCH-

IBRD allocates loan to help develop railway line: A USD 144 mn long-term loan from the World Bank’s International Bank for Reconstruction and Development (IBRD) has been approved to develop the Bashteel-Al Nadha railway line and to expand it with a parallel railway line, Al Mal reports, citing what it says are informed sources. The loan makes up about 33.6% of the project’s total USD 428 mn investment cost, the source explained, adding that the rest will be sourced by the Egyptian National Railways Authority.

REAL ESTATE -

Madinet Masr taps construction company to work on Sarai: Aboelwafa for Contracting andReal Estates Development will carry out the construction work of Madinet Masr’s Sarai project with investments of EGP 1 bn under an MoU inked with the real estate player, according to a statement (pdf). The agreement will see Aboelwafa construct residential buildings, fences, and drainage systems, with construction slated for completion by September 2025.

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