Good afternoon, friends. Energy news is once again the talk of the local business press today for the second day in a row, while further afield, the international business press isn’t quite sure what to focus on.

THE BIG STORY TODAY

Eni to set up a fixed regasification unit in Damietta: The Madbouly government is in talks with Italian energy giant Eni to build a new onshore regasification unit with an investment cost of around USD 150 mn, a government official told Enterprise.

The nitty gritty: The unit will be built on land adjacent to the Damietta LNG facility — owned by Eni and the Egyptian Natural Gas Holding Company (EGAS) — to receive LNG shipments and regasify them, according to the source. The main objective is to bridge the existing gap between local consumption and domestic gas production and is a signal we may not be weaning ourselves off LNG imports anytime soon.

THE BIG STORY ABROAD

In a mostly quiet day for international business news, our part of the world is once again catching the attention of the int’l press: More US fighter jets and navy warships will soon be headed toward our corner of the world after US Secretary of Defense Lloyd Austin ordered a strike group to speed up its deployment to the MENA region, following a call with his Israeli counterpart Yoav Galant. Austin also announced that a guided missile submarine would be deploying with the strike group — a rare admission, given the secrecy that usually surrounds submarine deployments.

Fear of escalation remains high as ceasefire talks sputter: The announcement comes as the region prepares for a retaliatory Iranian strike on Israel in response to the 31 July assassination of Hamas political leader Ismail Haniyeh in Tehran, alongside continued fears of escalation between Hezbollah and Israel following Israel’s killing of the group’s senior military commander Fuad Shukr. It also follows indications Sunday that Hamas may opt to sit out upcoming ceasefire negotiations with Israel set to begin 15 August, with the group arguing that Israel’s constant shifting of the goal posts during talks have shown that it is not serious about securing a ceasefire.

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

  • A new USD 600 mn gas treatment facility in the works: The Oil Ministry has a USD 600 mn natural gas treatment plant in the pipeline, with plans to have it running by mid-2025.
  • Raya CX triples its net income in 1H 2024: Raya CX saw its net income triple to reach EGP 245.3 mn in 1H 2024, rising 199.9% y-o-y.
  • Polaris Parks wants to set up new industrial complexes: Industrial real estate developer Polaris Parks has plans to invest EGP 5 bn in the local market to set up five industrial complexes.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 37°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 31-32°C and a low of 25-26°C.

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