Egypt’s natural gas imports from Israel fall 19%
Egypt’s natural gas imports from Israel fall 19%. Egyptian imports of natural gas from Israel have declined by 19% to roughly 650 million cubic feet per day as of October 9th after the suspension of production from Israel’s Tamar offshore gas field. The field’s operator, Chevron, announced that it had been instructed by the Israeli Ministry of Energy to temporarily halt production at the gas field over safety concerns due to the geopolitical tensions in the region. The official noted that the Israeli Leviathan field is currently the key exporter of natural gas to Egypt. (Asharq Business)
- Maersk is one step closer to acquiring half of the 545-MW Zafarana wind farm after signing a framework agreement with the government.
The Madbouly government and the Danish shipping giant are in the final stages of agreeing the value of the 51% stake, with the transaction potentially closing by the end of this year, the sources said. A government official confirmed to us in July that the company had submitted a bid for the plant. Gabal El Zeit and the state-owned 545-MW Zafarana wind farm that UK private equity giant Actis is chasing are both included in the list of 35 companies and assets earmarked for privatization.
- The facilities have attracted significant interest among investors, including Saudi Arabia’s ACWA Power, the UAE’s Alcazar Energy, and Infinity.
Maersk is looking to acquire half of the asset to use to produce green methanol in Egypt. The company last week signed a framework agreement with the government for a green fuel project in the Suez Canal Economic Zone, with the first phase requiring 3 billion USD in investment. (Al Borsa News)
- Regional calls have been made by El Sisi.
President Abdel Fattah El Sisi spoke to Saudi Crown Prince Moha med b in Salman, Emirati President and ruler of Abu Dhabi Sheikh Moham ed bin Z ayed Al Nahyan, and Turkish President Rec ep Tayyip Erd ogan yesterday to coordinate responses to the conflict, Ittihadiya said. During his calls with MbS and Erdogan, El Sisi stressed the importance of reaching a settlement “based on the two-state solution.” The president also spoke with UN Secretary-General Antonio Guterres and his Cypriot counterpart. (Al Mal)
- Egypt to cut prices of food commodities by 15-25% for 6 months.
The Egyptian government has agreed with producers and retailers to cut prices of several food commodities by 15% to 25% for six months starting Saturday, October 14th, Egyptian Prime Minister Mostafa Madbouly announced. These food commodities include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice. Madbouly pointed out that the government will exempt manufacturers and retailers from customs duties imposed on these commodities for six months. Moreover, the government will speed up customs clearance procedures at ports. (Hapi Journal)
- Domty cuts prices of white cheese products.
Arabian Food Industries Company (Domty) has decided to reduce the prices of its white cheese products to reduce the burden on citizens. Domty’s decision came after the Egyptian government’s agreement with producers and retailers to cut prices of several food commodities by 15% to 25% for six months starting Saturday, October 14th. (Hapi Journal)
- Banque Misr allows Egyptians overseas to settle military status online.
Banque Misr has allowed Egyptians abroad to use foreign bank cards to settle their military services status via the Ministry of Foreign Affairs website. The move is part of the bank’s strategy to boost the country’s economy and promote its digital transformation plan. (Arab Finance)
- Egypt and Turkey’s central banks will meet next week to discuss using local currencies in bilateral trade.
Egypt suffers from a shortage of the USD, and so does Turkey, explaining that both countries are looking to reduce their reliance on the greenback. Local currencies could account for between 25-30% of the total bilateral trade in the event of an agreement. Egypt wants to boost trade volumes with Turkey by 50% to 15 billion USD in the next five years. Turkish investment in Egypt currently amounts to 2 billion USD. The two countries recently agreed to restore diplomatic ties for the first time in a decade. (Asharq Business)
- Egypt withdraws Om Balad gold concession from Cyprus’ SMW Gold.
The Egyptian Mineral Resources Authority (EMRA) has withdrawn its Om Balad gold exploration concession from the Cyprus-based exploration and mining company SMW Gold over violations of the terms of agreement. The firm did not abide by the agreed-upon plan to develop Al Fawakhir and Om Balad gold concessions, including pumping investments for a three-year period. Prior to withdrawal, the government warned SMW several times, receiving no response. (Asharq Business)
- Edita Food Industries starts operating frozen food segment.
Edita has launched its newest frozen baked products line, Molto Forni. Molto Forni, an extension of Edita’s flagship brand Molto, is designed for “consumption at home” and will develop the company’s “traditional on-the-go snack packages,”. “Our venture into the frozen food sector falls right within our growth strategy of expanding into new segments and diversifying our revenue streams,” said Edita chairman Hani Barzi. Edita plans to inject 400 million EGP into Edita Frozen Food Industries — previously Fancy Foods — which it acquired in May for 380 million EGP and in addition to doubling its capex in 2023 to 800 million EGP. (Arab Finance)
- Egypt, Belarus mull building electric buses factory in Alexanderia.
Egypt is looking forward to establishing a factory for manufacturing electric buses and trucks in Borg El-Arab, Alexandria, in cooperation with Belarussian companies. During the meeting, they probed collaboration between Belarus, the Holding Company for Maritime and Land Transport, and the Holding Company for Roads, Bridges, and Land Transportation Projects to revamp both companies’ workshops. This includes providing the two firms with the latest equipment, maintaining, and scaling up the efficiency of their truck fleets, and converting their workshops into maintenance centers. (Arab Finance)
- On the global level, oil prices jump as Hamas attacks trigger supply concerns.
Crude oil prices rose in early Asian trading on Monday amid concerns that Hamas’s attack on Israel will increase tensions across the Middle East and affect output from leading producers. Brent crude, the international benchmark, jumped by 3.8% to 87.81 USD per barrel on Monday morning, a day after Israel’s prime minister, Benjamin Netanyahu, warned of a “long and difficult war”. Israel is not an oil producer, but there are concerns the conflict could trigger wider uncertainty in the Middle East and lead to tougher sanctions on oil from Iran, whose foreign ministry backed Hamas’s actions as an act of self-defence. (Financial Times)
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