THIS EVENING: Dana Gas to invest USD 43 mn in Egypt in 2024

Good afternoon friends and happy almost-THURSDAY —we’re nearly there as the weekapproaches a close. Rounding out the day: Updates from the oil and gas industry, including fresh investments and more hopes of renewed LNG exports.

THE BIG STORY TODAY

Dana Gas to invest USD 43 mn here next year: Emirati firm Dana Gas plans to invest USD 43 mn in Egypt in 2024 as part of an “intensive” natural gas drilling program in its concessions in Egypt, CEO Richard Hall said following a meeting with Oil Minister Tarek El Molla, according to a ministry statement. Dana Gas plans to pour the investments into 11 development wells and three exploration wells, with an eye to increase production by some 30 mn cubic feet per day (cbf / d), Hall said.

Meanwhile, more signs we’re about to resume LNG exports: Egypt is reportedly planning to earmark 1 bn cbf / d of liquefied natural gas for exports as of January 2024, Al Arabiya reports, citing an Oil Ministry source it says has knowledge of the matter. LNG exports have been on hold since the first half of the year due to an unusually long summer heatwave, declining local production, and the war in Gaza.

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THE BIG STORY ABROAD

It’s a mixed bag in the international news outlets today. As the Israel-Hamas truce enters its final day, Qatar, Egypt, and the US continue to push for an extension. Israel welcomes the release of more hostages in exchange for an extended pause, but still stands firm on their goal to annihilate Hamas.Meanwhile, Saudi Arabia repeatedly offered Iran a boost in investments in their struggling economy if they stop egging on the Israel-Hamas war, reports Bloomberg. It’s unclear how seriously Iran is considering the proposal, but at the same time, Saudi is working with US Assistant Secretary of State Barbara Leaf, along with other Arab allies, to prevent Tehran from using Israel’s attack on Gaza to strengthen its resistance movement. (Bloomberg | Associated Press | Washington Post)

In other business news, the death of Charlie Munger, right-hand man of Warren Buffett, is stillin the headlines. Meanwhile, Trump’s former foreign advisor and Vice Chairman of IBM Gary Cohn, says the US economy is “back to normal,” for the first time in two decades. But, the market is likely getting ahead of expected interest rate cuts in the second half of next year, reports CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• EBRD wants to snap up stakes in Egyptian state lenders: The European Bank for Reconstruction and Development (EBRD) is interested in acquiring minority stakes in several state-owned financial institutions that have been earmarked for privatization under the government’s offering program.
• This Turkish textiles producer is expanding its footprint in Egypt: Turkish textile manufacturer Küçükçalik Group is planning to start work on a USD 500 mn synthetic fibers factory in the Suez Canal Economic Zone (SCZone) in January.
• Two M&A stories worth our attention: The first is e-Finance’s bid to acquire two digital payments firms as it works to up its presence in the retail market, while a grocer owned by Saudi conglomerate Savola is reportedly interested in acquiring stores from struggling Egyptian retailer Alfa.

🌤️ TOMORROW’S WEATHER- Dispersed clouds will be seen overhead as the temperature will peak at 25°C during the day and drops to a cold 15°C in the evening, tells us our favorite weather app.