Gas cuts to fertilizer makers deepen, extend to steel

Local fertilizer and methanol giants including Abu Qir Fertilizers, Mopco, and Egyptian Fertilizers saw their natural gas supply curtailment hiked from 20% to 33% today, as surging global LNG import costs force authorities to ration industrial fuel allocations, according to bourse filings. Egyptian Chemical Industries (Kima) has so far only confirmed the initial 20% supply cut in its latest EGX disclosure.

The supply crunch also spilled over into metals: The Oil Ministry has notified industrial heavyweight Ezz Steel of a 30% gas supply reduction, amounting to roughly 30 mmcf / d, Asharq Business reports, citing an unnamed government official. The ministry did not clarify an end date for the supply reduction.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Tomorrow brings a taste of early winter, with temperatures peaking at just 25°C under increasingly cloudy skies before dipping to a breezy 16°C overnight, according to our favorite weather app.

MAKING HEADLINES ABROAD-

Poland began two days of national mourning today after a mass shooting in Kraków killed six people and injured 17 others, including two police officers and the suspected gunman. The 24-year-old Polish suspect opened fire in the city’s historic main square on Saturday, with authorities saying the attack was likely inspired by far-right ideology and is being investigated as a terrorist offence. Three more bodies, identified as the suspect’s parents and sister, were later found at his home. The suspect remains hospitalized in critical condition as police tighten security across the country.

MEANWHILE- Russia launched a major overnight missile and drone barrage against Ukraine’s energy infrastructure, damaging power and heating systems around Kyiv as temperatures approach zero. The strikes killed at least two people and injured around a dozen others, while disrupting electricity, water, and heating supplies. The attack came ahead of US-brokered peace talks between Russia, Ukraine, and the US in Abu Dhabi, with Ukrainian President Volodymyr Zelenskyy accusing Moscow of intensifying its attacks to pressure Kyiv ahead of negotiations.

ALSO- Israeli President Isaac Herzog chose opposition leader Gadi Eisenkot to form the country’s next government, putting Prime Minister Benjamin Netanyahu’s hold on power under pressure after last month’s deadlocked election. Eisenkot received the backing of 67 incoming lawmakers, compared with 46 for Netanyahu, and will have 28 days, with a possible 14-day extension, to assemble a coalition. His centrist bloc holds 48 seats, while two Arab-led parties have 19 and could provide the support needed for a parliamentary majority. However, Eisenkot has ruled out joining forces with them and faces a difficult path to forming a government, with options including a minority administration, an alliance with ultra-Orthodox parties or a unity government with Netanyahu. If he fails, another candidate can be given a chance before parliament is dissolved and a new election is called.

IN TECH NEWS- AI giant Anthropic has struck a USD 3.4 bn agreement to secure gas-fired power generators for its data centers. The AI startup reportedly bought commitments for 1.7 gigawatts of heavy-duty generators from Texas-based equipment supplier OnePWR Solutions in late September. The transaction did not include an acquisition of OnePWR or the transfer of its employees, but it covered engineering and construction capabilities needed to install the generators.