Damietta to forward EU cargo to the Gulf + Big Oil commits to Egypt

A new lifeline to Europe for the Gulf

Damietta to forward EU cargo to the Gulf: Damietta Port launched a new service to handle refrigerated and dry cargo arriving from Europe on the Trieste-Damietta Ro-Ro line before forwarding shipments to Gulf markets through Safaga, according to a document seen by EnterpriseAM.

What changed? The service comes after transit cargo bound for Gulf countries was exempted from prior advance cargo information (ACI) registration, easing procedures at a time when regional shipping disruption is pushing cargo owners to look for faster and more predictable routing options. Damietta has already received the first indirect transit units on the Gallipoli Seaways.

Why it matters: It’s another lifeline linking the Gulf to Egypt and Europe while the Strait of Hormuz remains shut.

ALSO- Shipping giant Maersk added three new shipping services to Jeddah Islamic Port and King Abdullah Port linking them to key regional and international hubs — India’s Nhava Sheva and Mundra, and Oman’s Salalah — supporting a total capacity of 14.4k TEUs.

Big Oil commits to Egypt

Italy’s Eni is planning to invest USD 2 bn in Egypt this year to expand exploration and ramp up production from existing gas fields, CEO Guido Brusco told Prime Minister Mostafa Madbouly on the sidelines of the Egypt Energy Show, according to a cabinet statement. Eni is struggling to wring production out of its massive Zohr natural gas field.

AND- Dubai-based Dragon Oil plans to invest at least USD 3 bn in Egypt over the next few years to expand its exploration and production activity in the North African country, the company’s CEO Abdulkarim Al Maazmi told CNBC Arabia. The company will focus on developing current fields in Egypt while looking into acquiring some existing assets, he added.