Good afternoon, friends, and happy almost-weekend. While the week may indeed be drawing to a close, it seems the news cycle isn’t quite ready to slow down yet.

THE BIG STORY TODAY-

The Madbouly government is looking to liberalize the natural gas market, by allowing multiple suppliers to make direct sales to private-sector customers, a government source told EnterpriseAM. The new system would give large industrial users the option to secure their gas needs through direct contracts with suppliers if they can land better prices or terms, we were told.

The move will support Egypt’s efforts to one day become a regional energy hub, the source argued. Creating a market where private-sector suppliers — both local and foreign — sell directly to end users will develop the logistical, financial, and bureaucratic networks to facilitate the government’s long-planned return to being an energy exporter — and a leading regional hub at that.

The decision is being presented as a W for the budget, with the introduction of private suppliers creating price flexibility and helping reduce the strain on the state budget, the source said. At present, Egypt still heavily subsidizes gas for industries, particularly energy-intensive ones, at prices well below global levels.

Regulatory changes are also in the pipeline to attract foreign investments into the gas market, the source added without expanding further. The move coincides with the Oil Ministry targeting USD 4 bn in exploration commitments this fiscal year from an upcoming tender for 12 concessions, which includes a hoped-for return to Red Sea exploration and production.

THE BIG STORY ABROAD-

It’s another busy afternoon in the global press, with most major global media outlets zeroing in on US President Donald Trump’s speech at the United Nations General Assembly yesterday. In a speech that lasted just under an hour, Trump took his time firing shots at a slew of member nations — and the UN itself — but not before praising himself. “I’m really good at this stuff. Your countries are going to hell,” the US president said.

Moments after claiming he helped end seven “unendable” wars — a feat he argues entitles him to a Nobel Peace Prize — the president questioned the UN’s purpose and existence, rejected moves to recognize Palestinian statehood, criticized his European allies’ immigration policies, and called climate change “the greatest con job ever perpetrated on the world.” Trump’s speech raised a key question: what happens in the absence of a reliable American leader? The Guardian asks. “This is indeed the golden age of America,” Trump said. (BBC | Guardian | CNN | Reuters | NBC | Associated Press)

Hours following the address, the New York Times published a fact-check in which most of his arguments — particularly regarding London’s plan to “go to shariah law,” China’s lack of wind farms, and claims that energy prices were falling in the US — were found to be inaccurate.

MEANWHILE- Super Typhoon Ragasa — this year’s strongest tropical cyclone yet — has made landfall in southern China, after leaving at least 17 dead and over a dozen missing in Taiwan. Nearly 2 mn residents have evacuated the area as the storm continues to rage on. (BBC | CBS | Reuters | New York Times | CNN | Guardian)

☀️ TOMORROW’S WEATHER- It’s another cool day in the capital, with temperatures set to peak at just 30°C before cooling down to 18°C, according to our favorite weather app.

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