Outstanding regulatory approvals threaten Egyptian asset sale

Good afternoon, friends. We’re gearing up for brisker weather, but the newsroom is showing no sign of cooling down, with reports of asset sales (or lack thereof), dwindling teen interest in education, and Trump’s plan to discuss an end to the war in Ukraine with Putin tomorrow.

THE BIG STORY TODAY-

Energean’s USD 945 mn asset sale to Carlyle is at risk of being scrapped: LSE-listed oil and gas company Energean’s USD 945 mn agreement to offload Egyptian and other assets to global investment firm Carlyle is at risk of falling through as some regulatory approvals remain outstanding just days before the sale’s 20 March deadline, according to a company statement (pdf). With no agreement reached to extend the longstop date stipulated in the sale and purchase agreement, Energean warned that the agreement could be terminated.

REMEMBER- Energean inked an agreement with Carlyle in June to sell its assets in Egypt, Italy, and Croatia for up to USD 945 mn, expecting the sale to go through by the end of 2024. The acquisition would allow Carlyle to form a new Mediterranean-focused oil and gas company chaired by former BP CEO Tony Hayward.

Loose ends to be tied: Carlyle has yet to secure regulatory clearances in Italy and Egypt as well as antitrust approvals across multiple jurisdictions.

THE BIG STORY ABROAD-

It’s once again all eyes on the latest in Trumpland as the foreign press takes note of Trump’s planned conversation with Putin tomorrow: US President Donald Trump is set to speak to Russian President Vladimir Putin on Tuesday about bringing an end to the war in Ukraine as he looks to secure Russia’s backing for a 30-day ceasefire plan that Kyiv agreed to last week. Trump said the discussion would involve concessions on “dividing up certain assets,” including land and power plants. Russian Deputy Foreign Minister Alexander Grushko told Russian outlet Izvestia today that Moscow would need “ironclad security guarantees” to ensure Ukraine’s exclusion from NATO in any peace deal.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Egypt to welcome four gas shipments by April: Egypt is set to resume natural gas imports in April thanks to lower global gas prices and waning European demand.

• This year’s cotton trading season ended earlier than usual: The 2024-2025 cotton trading season wrapped up prematurely, with significant quantities of the harvest left unsold as private sector traders and exporters largely opted out of government-run auctions.
• Qantara West is getting another garment factory courtesy of China’s Jiangsu Guotai: Chinese textile manufacturer Jiangsu Guotai signed an agreement to set up a USD 10 mn readymade garment factory in the Qantara West Industrial Zone.

☀️ TOMORROW’S WEATHER- Temperatures in the capital will be dropping for the rest of the week after a brief taste of summer, with the mercury set to reach a high of 28°C tomorrow, before settling on 14°C at night, according to our favorite weather app.