Good afternoon, all, and congratulations on making it to the end of the week, even if it was a short one. The weather seems to be heating up, but the news cycle remains cool as we hit the usual summer slowdown.
THE BIG STORY TODAY-
Egypt has agreed to purchase up to 125 LNG cargoes annually from a roster of global suppliers, a government source told EnterpriseAM, confirming a report by Bloomberg. The lineup includes Saudi Aramco, Trafigura Group, Vitol Group, Hartree Partners, BGN, Shell, and Azerbaijan’s Socar. The Egyptian Natural Gas Holding Company inked the agreements for a duration of 3-5 years, our source added.
Capacity in place to handle volumes: To handle the uptick in LNG inflows, we received last week the 750 mcf/d-Energos Eskimo, which joins the recently received Energos Power as well as the soon to be replaced 750 mcf/d-Hoegh Galleon in Ain Sokhna and will be followed soon by a unit from Turkish state-owned energy firm BOTAS.
REMEMBER- The government is preparing for a surge in demand over the summer months by booking in LNG shipments — and the necessary infrastructure to process the deliveries — to close the gap between demand and supply.
Foreigners with permanent residencies to be exempt from vehicle import regulations: The Finance Ministry has decided to exempt foreigners with permanent residencies in Egypt from the personal vehicle import regulations, according to an official decision seen by EnterprisePM.
The details: The decision will apply to foreigners residing in Egypt who have paid for their vehicles abroad, granting them similar treatment as diplomats and Egyptians living abroad, who are allowed to pay for vehicles from outside the country. The exemption also includes foreign students accompanied by their families who are studying abroad, provided they hold residency and are at least 16 years old. There will also be no requirement to submit a document proving payment for the vehicle abroad — instead, buyers will need to provide documentation showing the payment of the vehicle, along with the bank transfer's SWIFT number.
Remember: The Investment Ministry in December issued a decision introducing rules for personal car imports to limit USD outflows and support the localization of the auto industry, capping personal imports at one car every five years and requiring importers to provide proof of financial solvency and make payment through an Egyptian bank. The rules were positioned as part of broader efforts to encourage local automotive manufacturing.
THE BIG STORY ABROAD-
It’s all eyes on an Air India plane crash in the foreign press: A Boeing 787 Dreamliner operated by Air India and bound for London crashed today with 242 passengers and crew on board shortly after taking off from Ahmedabad, the airline said on X. While the number of casualties remains unknown at the time of writing, India's federal health minister said that "many people" were killed, and those injured are being taken to nearby hospitals. The flight crashed in a residential area five minutes after it departed, with its landing gear still out before exploding into flames upon impact. Boeing shares fell 6% in premarket US trading. (Associated Press | Bloomberg | Reuters | Financial Times | CNBC)
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☀️ TOMORROW’S WEATHER- The capital will be seeing its hottest day of the week tomorrow, with the mercury set to peak at 38°C before cooling to 24°C at night. The North Coast will be experiencing cooler weather, with the temperature expected to reach just 31°C during the day and 19°C at night, according to our favorite weather app.




