ENERGY-

#1- Eni scaling back Egypt ops? Italian energy giant Eni has “slowed down exploration operations in Egypt a little,” Reuters quotes an executive at the company as saying in a story picked up by Asharq Business. Eni issued its earnings release for 1Q 2024 last week (pdf), which showed that the company’s production in Egypt dropped by 11.7% y-o-y to 293k barrels of oil equivalent by the end of the quarter.

A change of tone: Eni in September announced plans to invest USD 7.7 bn with its partners in their Egypt operations over the next four years, marking a massive step up in its spend on exploration.

#2- Another LNG shipment on its way: State gas firm EGAS has purchased another LNG shipment as part of a plan to secure gas supplies ahead of peak consumption this summer, Asharq Business reports, citing Bloomberg. The shipment is expected to reach the Aqaba LNG terminal in Jordan in late May for regasification and was reportedly purchased at a premium to the benchmark Dutch TTF.

Remember: The government has purchased at least two shipments of LNG due to be delivered next month, an Oil Ministry source previously told Enterprise. The government reportedly plans to spend up to USD 120 mn per month between July and October to import three LNG shipments monthly during the period, while sources told Reuters last week that the government is expected to import 20 shipments in total until the end of summer.

TRANSPORT-

#1- Our friends at Hassan Allam Construction and Siemens Mobility were awarded a signaling contract for the first-ever cross-border railway link in the Middle East, linking Abu Dhabi in the UAE and Sohar in Oman, according to a joint press release (pdf). Under the contract, Hassan Allam and Siemens will work to design, build, and integrate the train protection system over the 303 km long railway link.

It all started in Egypt: “Hassan Allam Construction and Siemens have a long-standing record of successful collocation in Egypt, and we are honored to extend this partnership in other important regional countries like UAE and Oman,” said Hassan Allam Construction Chairman Hassan Allam.

#2-Foreign funding for our high-speed electric rail? A syndicate of 18 international institutions is putting together a EUR 2.3 bn loan for the first line of the high-speed electric railway connecting Ain Sokhna and Matrouh, Asharq Business reports. The loan will finance the manufacture and supply of 15 express trains, 34 passenger trains, and 14 locomotives for freight transportation. It will also cover telecommunication systems and electromechanical work.

Delivery due soon: Currently under construction, the first phase is expected to be ready for trial runs by the end of 2024, or early 2025 at the latest, the news outlet reports.

HOSPITALITY-

The Nobu brand is expanding in Egypt: Global luxury brand Nobu Hospitality will setup another hotel and restaurant in Egypt, this time in East Cairo, under an agreement inked with real estate developer SODIC, according to a press release (pdf). There was no information about the size of investment or timeframe given.

Nobu? A luxury hotel and restaurant company founded in the 1990s by celebrity chef NobuyukiMatsuhisa and Robert De Niro.

Third time’s a charm: This marks the third partnership between the two sides. They are also launching two luxury hotels, a residential project and restaurant in New Zayed and Ras El Hekma.

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