Good morning, all. We ring in the third workweek of Ramadan with another slow news day. In today’s issue we have news of Scatec signing a power purchase agreement with EgyptAlum for its 1.1 GW solar plant and the US launching an investigation into perceived transit constraints at a number of maritime checkpoints including the Suez Canal.

So, when do we eat? Maghrib prayers are at 6:04pm in the capital, and you’ll have until 4:36am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 33°C and a low of 20°C, according to our favorite weather app.

It’s almost as hot in Alexandria, with a high of 30°C and a low of 18°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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WATCH THIS SPACE-

#1- A floating storage and regasification unit from the US’ Excelerate Energy could be in the cards: Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt, sharing technical expertise, and LNG trade cooperation, according to a ministry statement.

This isn’t the only floating regasification unit in the government’s sights: A delegation is expected to touch down in Germany later this month to iron out the details for the lease of a regasification unit. Egypt is also expected to ink an agreement this month to rent a floating regasification unit from Cyprus, with the ship reportedly expected to dock in Egypt to cover high energy demand in the summer months. In addition to the two vessels docked in the Red Sea, the government also reportedly chartered a third floating storage regasification unit to dock at Ain Sokhna by June 2025 and a fourth unit from Turkey to dock during the summer.

REMEMBER- The country aims to import 155-160 shipments of LNG this year to close the gap between demand and supply. Egypt reportedly needs around 6.2 bn cubic feet per day (bcf/d), but domestic production only contributes 4.4 bcf/d.

#2- High-level investment delegation to visit Iraq soon: A high-level investment delegation has received preliminary approval to visit Iraq, Al Shorouk reports, citing unnamed sources, who didn’t identify the exact date of the anticipated visit. The visit will come in response to an official memorandum from the Iraqi side identifying key sectors in need of foreign investments, the pharma sector topped the list. The Iraqi side has approached the Federation of Egyptian Industries over setting up projects totaling USD 12 bn across various sectors.

THE BIG STORY ABROAD-

The latest decisions from the Trump administration are making headlines once again — that includes potential travel bans and attacks on the Houthis.

The Trump administration is considering broad travel restrictions affecting citizens from over 40 countries. The draft proposal — currently under internal review — would impose full or partial visa suspensions on citizens from 43 countries, but the final version is still subject to approval by the administration. The proposed restrictions split the countries into three tiers, the first tier will see a full visa suspension — it includes countries like Syria, Yemen, Sudan, Somalia, and Libya. The second includes sharp visa restrictions and the third could be subject for partial visa suspension if their governments do not make efforts to address Trump Administration concerns within 60 days. (Reuters | The Guardian | New York Times)

AND- The US launched large-scale military strikes on Houthi-controlled areas in Yemen, following an order from US President Donald Trump, in retaliation for the Iran-backed militant group’s repetitive attacks on vessels in the Red Sea, Trump said in a post on his social media platform Truth. The Houthi-run health ministry said 13 civilians were killed in Sanaa, while Houthi-affiliated Al Masirah TV reported six deaths in Saada. The Houthis’ political bureau condemned the attack as a “war crime” and vowed to “respond to escalation with escalation.” (Reuters | New York Times | AP | BBC | CNBC)

MEANWHILE- G7 threatens Moscow with more sanctions: The G7 is pushing Russia to follow Ukraine in agreeing to a 30-day ceasefire or risk further sanctions — including further caps on oil prices. The draft, which still requires ministerial approval, emphasized the need for “robust and credible security arrangements” to ensure Ukraine can deter future aggression. (Financial TImes | The Guardian | Reuters)

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