{"id":543709,"date":"2022-02-15T04:04:25","date_gmt":"2022-02-15T04:04:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis\/"},"modified":"2022-02-15T04:04:25","modified_gmt":"2022-02-15T04:04:25","slug":"this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis\/","title":{"rendered":"THIS MORNING: Egypt Petroleum Show rolls on as oil markets continue meteoric rise on Ukraine crisis"},"content":{"rendered":"<p><strong>Good morning, wonderful people, and welcome to another really brisk newsday. <\/strong><\/p>\n<p><strong>PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and <\/strong><strong>out of Cairo<\/strong><strong> today<\/strong>, with more foggy mornings ahead as we wrap up the week, the <a href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/310464087778832\">national weather service<\/a> forecasts. Keep an eye out for weekend weather updates: We could see \u201cunstable\u201d conditions including rainfall and a drop in temperatures across most parts of the country. Until then, though, we\u2019re looking at daytime highs of 20\u00b0C and nighttime lows of 9-10\u00b0C.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>Expect news from the oil and gas sector to ramp up today and tomorrow<\/strong> as the <a href=\"https:\/\/www.egyps.com\/\">Egypt<\/a><a href=\"https:\/\/www.egyps.com\/\">Petroleum Show<\/a> (Egyps) continues at the Egypt International Exhibition Center. <strong>Here\u2019s the SparkNotes \/ Cliff Notes \/ Coles Notes <\/strong>(take your pick, based on geographical location and age\u2026) <strong>from Day 1: <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Russia-Ukraine conflict was the elephant in the room at yesterday\u2019s kick-off.<\/strong> Oil Minister Tarek El Molla said Egyptian-Russian relations in the energy sector are \u201cexcellent,\u201d and he hopes that \u201ccooperation and the Russian presence will only intensify,\u201d in comments to Russian state news agency <a href=\"https:\/\/tass.com\/economy\/1403163\">Tass<\/a>. BP CEO Bernard Looney <a href=\"https:\/\/www.cnbc.com\/2022\/02\/14\/bp-ceo-bernard-looney-commits-to-russia-operations-amid-ukraine-crisis.html\">said<\/a> events in Russia would not impact the oil and gas giant\u2019s operations in the country. Meanwhile, UAE Energy Minister Suhail Al Mazrouei pinned spiraling oil prices on <a href=\"https:\/\/www.reuters.com\/business\/energy\/geopolitics-not-fundamentals-driving-oil-higher-uae-energy-min-says-2022-02-14\/\">\u201cgeopolitical tensions\u201d<\/a> rather than a fundamental supply \/ demand imbalance that would justify accelerated output increases from OPEC+.<\/p>\n<p><strong>Israel\u2019s reception also made headlines:<\/strong> President Abdel Fattah El Sisi made a point of personally greeting Israeli Energy Minister Karine Elharrar at the conference \u2014- spurring Israeli Prime Minister Naftali Bennet to <a href=\"https:\/\/twitter.com\/naftalibennett\/status\/1493248689531494409\">tweet<\/a> that the gesture \u201ctouched us all.\u201d This is the first time Israel has been invited to the major regional gas conference, which has met four times before. The <a href=\"https:\/\/www.timesofisrael.com\/israel-swoons-as-egypts-sissi-gives-minister-elharrar-a-special-summit-welcome\/\">Times of Israel<\/a> and <a href=\"https:\/\/www.algemeiner.com\/2022\/02\/14\/egyptian-president-sisi-at-cairo-conference-crosses-room-to-greet-israeli-energy-minister\/\">The Algemeiner<\/a> took note of the gesture.<\/p>\n<p><strong>Also worth noting: <\/strong>Apache is aiming to raise its output in Egypt to 15%, up from 10% currently, CEO and President John Christmann told Sky News Arabia, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/apache-aims-boost-oil-gas-output-egypt-says-ceo-2022-02-14\/\">Reuters<\/a>.<\/p>\n<p><strong>Steel license bidding today: <\/strong>Companies will place their final bids for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ed2af68-0b89-437b-babc-90d2546dbc8f\">six new steel<\/a> manufacturing licenses from the Industrial Development Authority (IDA) today, according to Amwal Al Ghad, which also quoted sources as saying that 12 companies approached the IDA in November to get terms booklets for the licenses.<\/p>\n<p><strong>Probably: <\/strong>The deadline could be extended after the IDA came under pressure from a number of potential bidders to review the license prices, Amwal Al Ghad reports, citing unnamed industry insiders. Steel manufacturers called on the IDA to slash license prices in an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ab4634e-179e-46f7-84a0-0474aa707e28\">inquiry session<\/a> in December.<\/p>\n<p><strong>ALSO- It\u2019s the final day of the <\/strong><strong><a href=\"https:\/\/asdweek.co\/\">Arab sustainable development week<\/a><\/strong><strong>.<\/strong> Some 400 participants including the EU, World Bank and other institutions are chewing over how to tackle in a sustainable way the development challenges of the Arab world.<\/p>\n<p><strong>AND- Orange Ventures<\/strong>\u2019 deadline to receive <a href=\"https:\/\/vc4a.com\/orange-ventures\/egypt-seed-fintech-challenge\/\">applications from seed-stage fintech startups<\/a> for its seed challenge is also today.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>THE BIG STORY ABROAD- Ukraine is remaining stoic in the face of a potential <\/strong><strong>Russian invasion that Western officials continue to say could be imminent. <\/strong>Ukrainian President Volodymyr Zelenskiy called on Ukrainians to wave the country's flags from buildings and sing the national anthem to mark a \u201cday of unity\u201d tomorrow, <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-hints-concessions-russia-scholz-heads-region-2022-02-14\/\">Reuters<\/a> reports. Some Western media had reported US intelligence claims that Russia would be ready to attack by tomorrow, a claim about which Zelenskiy is skeptical and which he has characterized as fear mongering.<\/p>\n<p><strong>The US, on the other hand, still thinks the threat is very real: <\/strong>The US has moved its embassy in Kyiv to Liviv, near the Polish border, Secretary of State Antony Blinken <a href=\"https:\/\/www.reuters.com\/world\/europe\/us-moving-remaining-ukraine-embassy-staff-kyiv-lviv-blinken-2022-02-14\/\">said<\/a>, citing a \"dramatic acceleration in the buildup of Russian forces.\"<\/p>\n<p><strong>While Russia insists it wants to talk: <\/strong>Russian President Vladimir Putin\u2019s top diplomat said negotiations were <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-14\/putin-signals-talks-with-u-s-nato-to-continue-amid-crisis?srnd=premium-middle-east&sref=mmeFTDW1\">\u201cfar from exhausted<\/a>\u201d during a series of televised meetings held by Putin in which he appeared to suggest that Russia is still aiming for a diplomatic solution to the crisis.<\/p>\n<p><strong>And the markets don\u2019t know what to think:<\/strong> US stocks took a nosedive before regaining some of their losses yesterday, with the S&P 500 sinking as much as 1.2% before ending the session down 0.4%, as contradicting news on Ukraine spurred volatility. European markets took the brunt of the losses, with the German and French bourses dropping by more than 2%, the <a href=\"https:\/\/www.ft.com\/content\/88fca996-6447-464a-b25d-9fb76a4fc42f\">Financial Times<\/a> reports.<\/p>\n<p><strong>Oil prices surged on the news: <\/strong>International benchmark Brent crude settled up 2.2% at USD 96.48, after hitting an eight-year high during trading, <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-clamber-towards-7-year-highs-russia-ukraine-tensions-2022-02-14\/\">Reuters<\/a> reports. Oil is looking ever more likely to breach the USD 100-per-barrel mark \u2014 and if it does so by the end of February, that could add another half-percentage point to inflation across the US and Europe in the second half of the year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-13\/-100-oil-threatens-to-compound-world-economy-s-inflation-shock?srnd=premium-middle-east\">Bloomberg<\/a> reports.<\/p>\n<p><strong>ACROSS THE POND- Canadian Prime Minister Justin Trudeau has invoked the Emergency Act for the first time <\/strong>since the old \u201cwar measures act\u201d was rebranded and redrafted a generation ago, <a href=\"https:\/\/www.cbc.ca\/news\/politics\/trudeau-premiers-cabinet-1.6350734\">Canada\u2019s CBC reports<\/a>. Trudeau\u2019s government will use the powers in a limited manner to keep open border crossings closed by a motley crew of protesters out to picket pandemic restrictions (and spout QAnon and other nonsense). Officials are also expected to use the new, temporary powers to clear some streets in Ottawa, the nation\u2019s capital, presently occupied by demonstrators.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>A call for tech startups: <\/strong>The Information Technology Industry Development Agency (ITIDA) and US-based VC firm <a href=\"https:\/\/www.plugandplaytechcenter.com\/\">Plug and Play<\/a> have <a href=\"https:\/\/itida.gov.eg\/English\/PressReleases\/Pages\/ITIDA-and-Plug-and-Play-Join-Hands-with-USAID%E2%80%99s-Economic-Governance-Activity-(EGA)-to-Launch-Open-Innovation-Platformin-.aspx\">launched<\/a> an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched \u201cSmart Cities\u201d innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">here<\/a> before applications close on 28 February.<\/p>\n<p><strong>PSA- Your commute is about to get worse. <\/strong>Public universities begin the second term of their 2021-2022 academic year this Saturday, 19 February.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\">Nebu Expo for Gold and Jewelry 2022<\/a><\/strong><strong> kicks off this Saturday<\/strong>, 19 February and wraps on Monday, 21 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>We break down the new electricity tariffs for electric vehicles announced by the government last week, and get the industry\u2019s reaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, and welcome to another really brisk newsday. PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and out of Cairo today, with more foggy mornings ahead as we wrap up the week, the national weather service forecasts. Keep an eye out for weekend [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[96,915,317,899,72,289,89,270,304,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543709","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-apache","tag-commodities","tag-egypt-petroleum-show","tag-enterpriseam","tag-industrial-development-authority","tag-israel","tag-russia","tag-ukraine","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4b1c4f67-e52c-4bd5-9bb3-ac0e85996c5d","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543707],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Egypt Petroleum Show rolls on as oil markets continue meteoric rise on Ukraine crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egypt Petroleum Show rolls on as oil markets continue meteoric rise on Ukraine crisis\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and welcome to another really brisk newsday. PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and out of Cairo today, with more foggy mornings ahead as we wrap up the week, the national weather service forecasts. 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PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and out of Cairo today, with more foggy mornings ahead as we wrap up the week, the national weather service forecasts. 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We expect to be talking about oil\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":679190,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/29\/oil-prices-rebound-2-on-mideast-tensions-and-stalled-russia-ukraine-talks\/","url_meta":{"origin":543709,"position":1},"title":"Oil prices rebound 2% on Mideast tensions and stalled Russia-Ukraine talks","author":"enterpriseam admin","date":"29 December 2025","format":false,"excerpt":"Good afternoon, friends. The holiday slowdown remains in full effect as we inch closer to New Year\u2019s Eve. Headlines both at home and abroad remain calm, making it the perfect time to pick up a book or plug into a podcast during the downtime.THE BIG STORY ABROAD- ? There\u2019s next\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621643,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/what-were-tracking-on-13-november-2018-spotify-in-egypt-education-and-the-workforce\/","url_meta":{"origin":543709,"position":2},"title":"What we\u2019re tracking on 13 November 2018: Spotify in Egypt, education and the workforce","author":"enterpriseam admin","date":"14 November 2018","format":false,"excerpt":"In miscellany this morning: Spotify launched yesterday in Egypt and several other Arab markets. The world\u2019s largest streaming music service will be available at a cost of EGP 49.99 per month in Egypt as well as 13 other regional markets, including the UAE and Morocco. Egypt, Saudi Arabia, the UAE,\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600888,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/13\/what-were-tracking-on-13-february-2019\/","url_meta":{"origin":543709,"position":3},"title":"What we\u2019re tracking on 13 February 2019","author":"enterpriseam admin","date":"13 February 2019","format":false,"excerpt":"*** We are delighted this morning to welcome Nescaf\u00e9 and Nestl\u00e9, the world\u2019s largest food and beverage company, to Enterprise. Nestl\u00e9 is joining us for a multi-month campaign, sponsoring What We\u2019re Tracking Today, our daily look at the news and trends that are driving the business agenda in Egypt, in\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1229.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630588,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/what-were-tracking-on-26-april-2018\/","url_meta":{"origin":543709,"position":4},"title":"What we\u2019re tracking on 26 April 2018","author":"enterpriseam admin","date":"26 April 2018","format":false,"excerpt":"Bad news on which to close the week: After rain and flooding Tuesday night and yesterday, the national weather service is warning that we can expect \u201cunstable weather\u201d to continue today in Cairo,with torrential rain forecast for some areas of country. Look for a high temperature of 30\u00b0C in Cairo\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1848.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543737,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/this-morning-egyps-rolls-on-sisi-is-in-brussels-for-eu-au-summit\/","url_meta":{"origin":543709,"position":5},"title":"THIS MORNING: Egyps rolls on + Sisi is in Brussels for EU-AU summit","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"Good morning, wonderful people, and happy almost-THURSDAY. With the work week rushing to a close, we expect a final rush of news from the Egypt Petroleum Show(Egyps), which is entering its third and final day today, capping an eventful two days that saw a slew of energy news, from fresh\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543709"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543709\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543707"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543709"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543709"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}