ENERGY-

#1- SDX sells part of its Egypt portfolio: LSE-listed oil and gas firm SDX sold its 50%working interest in two blocks in the West Gharib concession in the Eastern Desert to Horizons LLC and NPC Petroleum Services for USD 6.6 mn, the company said in a statement.

South Disouq asset sale next: The company also “continues to progress the binding documentation for the sale of its South Disouq assets” as part of its efforts to sell its entire Egypt portfolio to focus on operations in Morocco.

#2-Gov’t puts its money where its mouth is with commitment to paying international oil firm arrears: The Egyptian General Petroleum Corporation (EGPC) paid the UK’s United Oil and Gas USD 1 mn, according to a disclosure by the British company on the LSE. The payment will help United clear its debts as it withdraws from the Abu Sennan concession in the Western Desert.

There’s more to come: The Egyptian state-owned oil and gas company is expected to pay the remaining USD 500k it owes to the company “over the coming months.”

Remember: The government has begun paying back nearly 20% of the arrears it owes to international oil companies operating in the country. The EGPC paid back 27% of its dues to Pharos Energy and settled USD 30 mn in outstanding receivables to Capricorn Energy last month.

LOGISTICS-

Tahya Misr 1 container terminal to come online in 2025: The Tahya Misr 1 container terminal — one of three terminals planned in the Damietta port development project — will kick off operations in April 2025, Prime Minister Moustafa Madbouly said during his visit to the port yesterday, according to a cabinet statement. The terminal will add 3.5 mn container capacity to the port, Transport Minister Kamel EL Wazir said in a separate statement. The Damietta Port development project, including the other two container terminals, will be completed in 2027, Madbouly added.

** We dove into the ins and outs of the Madbouly government’s plans to overhaul Egypt’s transport infrastructure in last week’s HardHat.

REAL ESTATE-

#1- Heliopolis Housing shortlists its potential partners for New Heliopolis development: Heliopolis Housing and Development is planning to choose the company that will develop a EGP 10 bn project in New Heliopolis “within days” from three shortlisted bids from Mountain View, Hyde Park, and Madinet Masr, the company’s investor relations chief Marwa Mounir told Al Borsa.

INVESTMENT-

EgyDrew wants to invest EUR 10 mn into iron rod production: Iron bar manufacturer EgyDrew — a joint venture between the Holding Company for Chemical Industries and Global Steel — plans to funnel some EUR 10 mn into setting up a new production line in order to meet market demand for lighting poles and railway flanges, Al Borsa reported.

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