Good afternoon, folks, and welcome to the start of a fresh new workweek. The news cycle has hit the ground running this week, so let’s dive in.

THE BIG STORY TODAY-

? The Oil Ministry signed a USD 4 bn agreement with the US’ Hartree Partners for long-term LNG supplies, US Deputy Secretary of State Chrisopher Landau said on X. The agreement is a sizable part of the USD 10 bn in LNG agreements set to be inked by 2027 with a range of supplies to cover demand, a government source told EnterpriseAM when asked about the story,

The agreement comes as contracts with Aramco, Trafigura, and Vitol are set to expire in mid-2026, and with renewals contingent on global market conditions, diversifying the supplier base was critical to securing more competitive pricing, the source said.

Deliveries are set to start early next year, starting at a slower pace before increasing in the second half to meet peak demand, the source added, noting that Egypt imported half of its gas needs this year from the US via spot shipments, making it the world’s second-largest buyer of American LNG.

Sources told us last week that up to 20 LNG shipments are expected before year-end, with new cargoes being secured through tenders with approved suppliers. Our LNG requirements for next year are estimated at 120-125 shipments, we were told.

THE BIG STORY ABROAD-

? Several stories are circulating today, with no single headline dominating the international news cycle.

The US-led plan to end the Russia-Ukraine conflict is facing resistance. The 28-point proposal championed by US President Donald Trump has raised alarm, being seen by Kyiv and European allies as granting major concessions to Russia, though Trump has stated that the current proposal is not his “final offer.” The proposal currently calls for Ukraine to cede territory, accept limits on its military forces, and renounce its aspirations to join Nato.

After today’s talks, European leaders presented their own plan based on the US proposal, stressing that it needs “additional work” to secure a better deal for Kyiv before Ukraine’s Trump-imposed deadline to sign on Thursday. Not accepting the plan means risking US backing, with Trump all but threatening to withhold arms and financial aid. (Reuters | CNN | CNBC)

The diplomatic row between China and Japan has reached a new peak after Chinese Foreign Minister Wang Yi condemned Japanese Prime Minister Sanae Takaichi’s comments on Taiwan, accusing her of openly sending a “wrong signal” and attempting to intervene militarily over Taiwan. The escalating tensions, which were triggered two weeks ago, have already begun to impact broader relations, extending into trade, with industry analysts warning that China could restrict exports of rare earth metals to Japan, essential for EV battery and AI chip manufacturing. (Reuters | CNBC)

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*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

☀️ TOMORROW’S WEATHER- We’re in for a mildly cooler day in the capital tomorrow, with temperatures peaking at 26°C before cooling down to 18°C, according to our favorite weather app.

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