ENERGY-

#1- The oil + gas sector could attract more investment this year than originally thought: The Oil Ministry has upped its investment forecast for the oil and gas sector to USD 8.5-9 bn this fiscal year, up from its previous estimate of USD 7.7-8 bn, Oil Minister Tarek El Molla told As harq Busine ss. This would be almost 60% higher than FY 2022-2023, when foreign companies invested USD 5.7 bn in the sector.

Remember: Several international oil and gas firms have made new investment commitments in recent weeks. BP has committed to investing USD 3.5 bn over the next three years, Eni and its partners will spend USD 7.7 bn over four years, while a press report last week claimed that Chevron will deploy USD 3 bn to develop the Nargis gas field.

#2- Three new Adnoc service stations in Cairo: The distribution arm of the Abu Dhabi National Oil Company (Adnoc) has opened three service stations in Egypt, the company said in a press release (pdf) yesterday. The stations are located in Maadi, Obour City, and the Suez Ring Road.

Remember: Adnoc Distribution comp leted its acquisition of a 50% s take in fuel retailer TotalEnergies Egypt in February, marking the company’s entry into the Egyptian fuel distribution market.

Six more stations before the year is out: The company plans to open six additional service stations across the country by the end of this year, according to the press release.

#3- Enap Sipetrol to explore for oil in Gulf of Suez: President Abdel Fattah El Sisi has sign a law authorizing Oil Minister Tarek El Molla to contract Chile’s Enap Sipetrol and the Egyptian General Petroleum Corporation to carry out oil exploration and extraction in the Gulf of Suez, according to the Official Gazette.

FYI- Enap is well acquainted with the Egyptian market, having been awarded one of eight oil and gas exploration blocks at the beginning of 2022.

CLIMATE-

#1- IFC is helping BdC go green: The International Finance Corporation (IFC) will partner with Banque du Caire (BdC) to develop a climate finance strategy that will protect the bank from climate risks and help it invest in green projects, it said on Thursday. Under the partnership, the IFC will review BdC’s existing climate finance assets and screen its portfolio against climate risks. The German government is supporting the project.

#2- Avanz Capital wants to partner up with international institutions to set up investment company EgyCOP, Managing Director Haytham Wagih told Enterprise. Avanz is in advanced talks with potential investors, institutions that can provide technical assistance, consulting firms, auditors, and verifiers, he said. Avanz hopes to launch the private investment fund by December or January, Wagih said. The news was first picked up by Al Mal.

Remember: EgyCOP is set to invest in low-carbon projects that issue carbon credits. It will complement the EGX’s planned voluntary carbon market, which policymakers are working to get off the gro und.

Capital increase for Avanz Manara still in the works: Private equity vehicle Avanz Manara is still working to increase its capital, Wagih said. Avanz Capital launched Manara last year with initial capital of EGP 905 mn, and in February said it has plans to raise this to EGP 2 bn via two capital increases over the course of this year.

EDUCATION-

Korea to fund Beni Suef tech uni upgrade: The Korea International Cooperation Agency (KOICA) signed a USD 8 mn agreement with the ministries of higher education and international cooperation to invest USD 8 mn in Beni Suef Technological University, according to a s tatemen t issued by the university. The project will be implemented over the next six years.

LOGISTICS-

EgyptAir resumes air cargo flights to the US: EgyptAir has resumed air cargo flights between Egypt and the US after an eight-year hiatus, the Civil Aviation Ministry said Friday.

DIVESTMENT-

OIH is exiting Brazil: Orascom Investment Holding’s (OIH) board has agreed to sell 100% of the assets it owns in Brazil, according to the m inutes ( pdf) of a Thursday meeting. OIH first said it had received an offer on the assets — a total of six units spanning 2.3k square meters in São Paulo — back in May, representing 10% of OIH’s total equity. Zilla Capital acted as the sole financial advisor to OIH on the transaction.

AND– Last week’s board meeting also saw the appointment of Mona Zulficar and Elia Tharwat Basili as independent non-executive board members.

TOURISM-

Abu Galum eco hotel incoming? The Environment Ministry will partner with unnamed private sector players to build an EGP 60 mn eco hotel in the Abu Galum nature reserve in South Sinai, Al Mal reports, citing sources at the ministry. The ministry is looking to build eco hotels at 13 of the country’s protected reserves, including Ras Muhammad, Nabq, Wadi Al Rayyan, Wadi Al Gamal, Wadi Degla, and Siwa, the source added.

Tags: