THIS EVENING: New public-private consortium to pour USD 600 mn in importing ethane

Good afternoon, ladies and gentlemen, and happy almost-Thursday. One more scorching day and the weekend will be upon us.

THE BIG STORY TODAY

A new public-private consortium to allocate USD 600 mn for ethane imports: Four state-owned firms are set to launch a consortium alongside Triangle Group’s Gama Construction in a USD 600 mn Joint venture to import liquified ethane gas, Al Arabiya reports, citing an unnamed government official. The consortium — which is set to launch this month — includes Egyptian Petrochemicals Holding Company (ECHEM), Sidi Kerir Petrochemicals (Sidpec), Egyptian Ethylene and Derivatives Company (Ethydco), and the Egyptian Natural Gas Company (GASCO), the source said.

The shipments will allow Sidpec and Ethydco to meet 100% of their production capacities, the source said, with the quantities of the shipments estimated to reach around 600k–1 mn tons annually.

THE BIG STORY ABROAD

It’s all eyes on Julian Assange in the foreign press this afternoon after the Wikileaks founder touched down in Australia a free man. Assange pled guilty to violating US espionage law at a US district court in Saipan, capital of the Northern Mariana Islands, in a deal that allowed him to return to his home country after 14 years in the UK. (Associated Press | Reuters | CNN | Washington Post | The Guardian | BBC)

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

• The government says it has a plan to put an end to power cuts this summer: Prime Minister Mostafa Madbouly delivered a televised statement to apologize to the people and lay out a plan to end power cuts for the summer months and eventually do away with them for good yesterday.
• Banque Misr and NBE slash FX markup fees in half: Banque Misr and the National Bank of Egypt are lowering their FX markup fees to 5% from 10% and raising their FX credit card limits by 50%.
• Local banking services provider Connect Money has raised USD 8 mn in a seed funding round led by local fintech- and tech-focussed VCs Disruptech Ventures and Algebra Ventures.

☀️ TOMORROW’S WEATHER- A scorching day with a high of 40°C and a low of 24°C, according to our favorite weather app.