ENERGY-

Shell to pour USD 300 mn into Mediterranean concession: UK-based oil and gas giant Shell is investing some USD 300 mn alongside Petronas in its ongoing drilling operations in the West Delta Deep Marine concession as part of its 11th phase, Shell Egypt VP and Country Chair Dalia El Gabry told Al Arabiya. The first of the additional wells are expected to kick off production in 2025, with the news coming days after Shell’s exit from its two Red Sea exploration blocks.

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REMEMBER- Shell started production from one well in the West Delta Deep Marine in October, producing 30-40 mn cubic feet per day (mcf/d). The company noted at the time that it planned to invest some USD 227 mn in starting production from two other wells in the field by the end of 2024, with plans to bring its total production to 160 mcf/d.

More exploration is in the works: Shell is preparing for additional drilling between the Nile Delta and the Herodotus Basin by 2026, El Gabry said, adding that the company has secured the Merneith offshore concession with plans to determine a drilling site by early 2027.

CAPITAL MARKETS-

Ezz Steel will delist from the EGX within a matter of hours, after it had completed a share buyback from minority investors. The stock will move to the over-the-counter (OTC) market at the start of trading today.

The details: The company purchased 163.78 mn shares from shareholders who opposed thevoluntary delisting and wished to sell their shares. These shares represent 30.2% of the total issued share capital of the company, and 88% of the total free-floating shares.

LOGISTICS-

MSC to expand its footprint in Egypt: Switzerland-based shipping giant Mediterranean Shipping Company (MSC) inked an MoU with the Egyptian Transport Ministry’s Holding Company for Maritime and Land Transport to boost logistics cooperation, according to a ministry statement. Under the agreement, the two sides will work to identify areas of potential cooperation in the management and operation of seaports, dry ports, railway cargo facilities, and logistics zones. The logistics player had previously expressed interest in funneling more investments into Egypt’s logistics sector.

REMEMBER- The Transport Ministry’s Public Authority for Land and Dry Ports inked a more final agreement with Medlog — the cargo subsidiary of MSC — to develop a dry port and logistics hub in the Tenth of Ramadan City under a public-private partnership in January.

M&A-

Dice drops Twin Top acquisition: Dice Sports and Casual scrapped plans to acquire a controlling stake in Twin Top for Real Estate Investment after failing to agree on a price, it said in an EGX disclosure (pdf). The proposed purchase was initially announced in August of last year.

The upside: The company will instead purchase a 62.9k sqm plot in Helwan from the National Bank of Egypt and Banque Misr for a tally of EGP 167 mn to serve its future expansion plans.

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