Chevron to pump 3 billion USD into Narges field development over 2 years
Chevron to pump 3 billion USD into Narges field development over 2 years. The US-based Chevron will inject initial investments worth 3 billion USD to develop Narges natural gas field in the Egyptian Mediterranean waters during the first half (H1) of 2024. Chevron Holdings and IEOC Production, a subsidiary of the Italian company Eni, each own a 45% stake in the field. Egypt expects natural gas reserves in the Narges field to reach between 2 and 2.5 trillion cubic feet. (Asharq Business)
- The General Authority for the Suez Canal Economic Zone (SCZone) is on course to take out a 15-year, 30 billion EGP loan from a syndicate of local banks to finance the infrastructure for a number of green hydrogen.
The authority has secured the Finance Ministry’s guarantee on the loan. It’s not just in EGP. While most of the loan will be denominated in EGP, part of it will be paid in USD to finance imported components. Egypt wants to capitalize on the growing global interest in green hydrogen as a low-carbon energy source by establishing itself as one of the region’s leading suppliers. (Asharq Business)
- It’s worth mentioning that the government signed nine framework agreements for green hydrogen plants on the sidelines of last year’s COP27 climate summit
and has at least two more agreements in the works. Prime Minister Moustafa Madbouly earlier this month issued a decision to set up the council for green hydrogen, which is set to oversee the implementation of the government’s long-awaited green hydrogen strategy. (Asharq Business)
- ACUD eyes floating up to 10% stake on EGX in H1 2024.
Administrative Capital for Urban Development (ACUD) is planning to offer a 5% to 10% stake of its shares on the Egyptian Exchange (EGX) during the first or second quarter of 2024. It is expected that several agreements with Gulf investors for the development of projects at the New Administrative Capital would be announced before the end of this year. Additionally, ACUD is about to sign an agreement with an Emirati company for the development of an industrial zone on a 1,000-feddan area. (Asharq Business)
- El-Sisi, bin Zayed probe boosting bilateral ties.
Egyptian President Abdel Fattah El-Sisi has met with his Emirati counterpart Sheikh Mohammed bin Zayed to bolster bilateral relations at several levels. A special focus was on the revitalization of economic cooperation, joint investments, and trade exchange between both countries. Both leaders also discussed the possibility of enhancing collaboration in several development fields. Moreover, the meeting touched upon the latest updates on the regional situation and issues of mutual concern, in addition to the Conference of the Parties to the Convention (COP28) to be hosted by Dubai, with the aim of benefiting from the Egyptian experience in hosting COP27. (Arab Finance)
- Egypt’s Local Development Fund pledges 8.2 million EGP for 409 micro, small projects.
Egypt’s Local Development Fund has agreed to finance 409 small and micro projects in 12 governorates with 8.2 million EGP. The governorates are Minya, Menoufia, Aswan, New Valley, Daqahlia, Sohag, Sharqia, Beheira, Ismailia, Assiut, Fayoum, and Beni Suef. A sum of 6.8 million EGP of the funding is directed toward beneficiaries as loans, while the remaining 1.4 million EGP are provided by the beneficiaries to implement the projects. (Arab Finance)
- FRA requires insurance firms to prepare indicative pricing studies for their products.
The Financial Regulatory Authority (FRA) has obliged insurance companies to prepare indicative pricing studies for their various products and to review them annually. These studies must be approved by an actuary expert and the company’s head, taking into account each insurance category separately. Insurance firms also have to submit a copy of these studies to the FRA within a month from the start of the fiscal year annually. (Arab Finance)
- Fertiglobe is laying the groundwork to increase ammonia, urea exports from Egyp
MENA fertilizers firm Fertiglobe — a JV between Adnoc and the Sawiris-owned OCI — signed a non-binding MoU with Abu Dhabi Ports to explore opportunities for storing and shipping urea and ammonia at ports in Egypt and the UAE. The partnership also aims to enable Fertiglobe to ship and store green ammonia. Fertiglobe will soon be producing green ammonia in Egypt. The company is working with Orascom Construction and Scatec to establish Egypt’s first-ever green hydrogen plant. Powered by solar and wind energy, the plant will send around 15k metric tons of hydrogen a year which will be used as feedstock to produce 90k metric tons of ammonia annually at Fertiglobe’s existing facility. (Al Mal)
- The ADQ-owned company has been pushing aggressively into Egypt’s maritime logistics industry.
Under an agreement signed earlier this year, AD Ports was granted wider access to terminals and logistics facilities at a number of Egypt’s key ports — including Ain Sokhna, Port Said and Safaga — and signed a 30-year concession agreement to develop and operate a container terminal at Safaga Port. It has also been reported to be interested in acquiring controlling stakes in the state-owned operators of the Port Said and Damietta container terminals. (Al Mal)
- E-Finance’s digital cards subsidiary eCards and Dubai-based fintech firm Network International have signed an agreement to join forces to expand smart banking card services in the Middle East and Africa.
The collaboration will see eCards handling the production and customization of the cards, while Network will oversee card processing. Network International last month announced plans to invest 1 billion EGP in expanding its POS network in Egypt and rolling out its newly launched payment platform Network One. (Arab Finance)
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