{"id":547501,"date":"2022-06-23T04:37:46","date_gmt":"2022-06-23T04:37:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday\/"},"modified":"2022-06-23T04:37:46","modified_gmt":"2022-06-23T04:37:46","slug":"capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday\/","title":{"rendered":"Capricorn Energy doesn\u2019t want a merger + Biden eyes petrol tax holiday"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> A second shareholder in <strong>Capricorn Energy has come out against the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e713e8-3637-4816-be52-dfadfcdc4ed1\">proposed GBP<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e713e8-3637-4816-be52-dfadfcdc4ed1\">1.4 bn merger<\/a><\/strong><strong> with rival producer Tullow Oil<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/3415feed-0e0e-4511-add3-522e6be570ca#post-fe1a7d37-ff8e-42a6-bef6-6a09eeb8a180\">Financial Times<\/a> reports, saying there was no benefit in the transaction for Capricorn and that it would slow the company\u2019s transition away from fossil fuels. Hedge fund Kite Lake joins another Capricorn shareholder, LGIM, in opposing the transaction.<\/p>\n<p><strong>Why do we care? <\/strong>Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s oil and gas assets in the Western Desert with partner Cheiron last year under an agreement worth up to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/666f0d42-c196-4ee2-84dd-f279ba153a89\">USD 926 mn<\/a>. Those assets would form the second largest item on the newly merged company\u2019s balance sheet, after Tullow\u2019s flagship Ghanaian oil fields.<\/p>\n<p><strong>On the macro front, Biden wants a petrol tax holiday to ease surging prices:<\/strong> US President Joe Biden has called on Congress to pause federal gasoline and diesel taxes for 90 days under efforts to combat surging prices at the pump \u2014 though skeptics said the bill was unlikely to get past lawmakers or make much impact on people\u2019s wallets. \u201cI fully understand that the gas tax holiday alone is not going to fix the problem. But it will provide families some immediate relief\u2026 as we continue working to bring down prices for the long haul,\u201d Biden said. The average cost of a gallon of petrol is now hovering around an unprecedented USD 5, helping drive inflation already at 40-year highs. Biden\u2019s call got coverage from the <a href=\"https:\/\/apnews.com\/article\/biden-barack-obama-holidays-221ce44407c35e38cd8007e77095eeb4\">Associated Press<\/a>,<a href=\"https:\/\/www.cnbc.com\/2022\/06\/22\/president-biden-calls-on-congress-to-suspend-the-federal-gas-tax-for-90-days.html\">CNBC<\/a>, <a href=\"https:\/\/www.bbc.com\/news\/business-61899467\">BBC<\/a>, <a href=\"https:\/\/edition.cnn.com\/2022\/06\/22\/politics\/gas-tax-suspension-biden\/index.html\">CNN<\/a> and others.<\/p>\n<p><strong>Other markets news worth noting include:<\/strong><\/p>\n<ul>\n<li><strong>How low could BTC go? As low as USD 13k<\/strong>, one strategist warns, pointing to the digital currency\u2019s tendency to plummet by up to 80% from its most recent peak. BTC is already down more than 50% YTD at around USD 20k. (<a href=\"https:\/\/www.cnbc.com\/2022\/06\/22\/bitcoin-btc-price-may-tank-as-low-as-13000-strategist-warns.html\">CNBC<\/a>)<\/li>\n<li><strong>Qatar plans to introduce short selling and securities lending and borrowing <\/strong><strong>to its bourse <\/strong>under efforts to lure investors and boost market turnover, an official said. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-22\/qatar-stock-exchange-plans-to-allow-short-selling-draw-listings\">Bloomberg<\/a>)<\/li>\n<li><strong>Lebanese lenders are pushing back against the IMF rescue plan <\/strong>that could see USD 60 bn of their FX deposits at the central bank seized. (<a href=\"https:\/\/www.ft.com\/content\/e44b19fd-ee98-4698-95b5-7b5269899c35\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,613<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -19.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong><a href=\"https:\/\/www.cbe.org.eg\/ar\/EconomicResearch\/Statistics\/Pages\/ExchangeRatesListing.aspx\">USD (CBE)<\/a><\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.71<\/p>\n<\/td>\n<td>\n<p>Sell 18.79<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.73<\/p>\n<\/td>\n<td>\n<p>Sell 18.79<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,320<\/p>\n<\/td>\n<td>\n<p>-2.9% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,302<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,236<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,760<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: -21.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,089<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,465<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -19.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 109.61<\/p>\n<\/td>\n<td>\n<p>-1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.71<\/p>\n<\/td>\n<td>\n<p>-2.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,837.80<\/p>\n<\/td>\n<td>\n<p>-0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,165<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: -56.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 431 mn (48.3% below the 90-day average). Local investors were net buyers. The index is down 19.6% YTD.<\/p>\n<p><strong>In the green: <\/strong>Abu Dhabi Islamic Bank Egypt (+1.2%), Palm Hills Development (+0.7%) and GB Auto (+0.7%).<\/p>\n<p><strong>In the red: <\/strong>Madinet Nasr Housing (-3.2%), Heliopolis Housing (-2.4%) and e-Finance (-2.2%).<\/p>\n<p><strong>Asian markets are up in early trading this morning<\/strong>.<strong> It\u2019s another picture entirely for the <\/strong><strong>European markets and Wall Street<\/strong>, which both look set to open in the red later on today if futures are anything to go by.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A second shareholder in Capricorn Energy has come out against the proposed GBP1.4 bn merger with rival producer Tullow Oil, the Financial Times reports, saying there was no benefit in the transaction for Capricorn and that it would slow the company\u2019s transition away from fossil fuels. Hedge fund Kite Lake joins another Capricorn shareholder, LGIM, [&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":[7210],"tags":[598,344,72,119,108,91,122,296,69,1992,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547501","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-capricorn-energy","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-lebanon","tag-oil-and-gas","tag-planet-finance","tag-qatar","tag-tax","tag-tullow-oil","tag-us","wpautop","entry"],"acf":{"mongo_id":"f43a3709-ccc7-4da8-bc30-046c40884434","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547480],"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>Capricorn Energy doesn\u2019t want a merger + Biden eyes petrol tax holiday - 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\/06\/23\/capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capricorn Energy doesn\u2019t want a merger + Biden eyes petrol tax holiday\" \/>\n<meta property=\"og:description\" content=\"A second shareholder in Capricorn Energy has come out against the proposed GBP1.4 bn merger with rival producer Tullow Oil, the Financial Times reports, saying there was no benefit in the transaction for Capricorn and that it would slow the company\u2019s transition away from fossil fuels. 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There is \u201cno clear strategic rationale\u201d\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/oil-rig-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578232,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/","url_meta":{"origin":547501,"position":1},"title":"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. 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Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549203,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/","url_meta":{"origin":547501,"position":3},"title":"Capricorn cuts Egypt production forecasts on rig delays","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan: Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf). Issues bringing two rigs online mean that the company now expects to\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548495,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/capricorn-tullow-saga-a-hard-landing-for-softbank\/","url_meta":{"origin":547501,"position":4},"title":"Capricorn \/ Tullow saga + a hard landing for SoftBank","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Yet another Capricorn shareholder is against the Tullow merger: Palliser Capital UK, one of the biggest shareholders in Capricorn Energy \u2014 with an ownership stake of over 5% \u2014 has asked the company to scrap merger plans with rival producer Tullow Oil, Bloomberg reported, citing a letter by Pallisier\u2019s CIO\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579116,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/","url_meta":{"origin":547501,"position":5},"title":"Merger with NewMed looks dead after Capricorn directors quit en masse","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Capricorn\u2019s board jumps before it\u2019s pushed: The chair, CEO, and three other directors of Capricorn Energy\u2019s board have resigned, caving to pressure from shareholders led by activist investor Palliser Capital to overhaul the company\u2019s management and block a proposed merger with Israeli energy firm NewMed Energy.WHY DO WE CARE? 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