{"id":548819,"date":"2022-08-23T04:00:41","date_gmt":"2022-08-23T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/big-gas-find-in-cyprus-could-benefit-egypt-gb-auto-to-assemble-chinese-trucks\/"},"modified":"2022-08-23T04:00:41","modified_gmt":"2022-08-23T04:00:41","slug":"big-gas-find-in-cyprus-could-benefit-egypt-gb-auto-to-assemble-chinese-trucks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/big-gas-find-in-cyprus-could-benefit-egypt-gb-auto-to-assemble-chinese-trucks\/","title":{"rendered":"Big gas find in Cyprus could benefit Egypt + GB Auto to assemble Chinese trucks"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Another big East Med gas find: <\/strong>Eni and TotalEnergies have made a \u201csignificant\u201d gas discovery in a shared exploration block off the coast of Cyprus which the companies estimate to contain at least 2.5 tn cubic feet of gas, Eni said in <a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2022\/08\/eni-makes-significant-gas-discovery-offshore-cyprus.html\">a statement<\/a> yesterday. \u201cPreliminary estimates indicate about 2.5 tn cf of gas in place, with significant additional upside that will be investigated by a further exploration well in the area,\u201d the Italian energy company said.<\/p>\n<p><strong>Some of that gas could one day be brought to Egypt for re-export to Europe:<\/strong> Egypt and Cyprus are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">planning to lay a pipeline<\/a> connecting the Aphrodite field to Egypt\u2019s LNG facilities where gas can be liquified and exported to Europe. Egypt is the only country with LNG facilities in the Eastern Mediterranean, making it a key partner for Europe which is trying to rapidly transition away from Russian fossil fuels. The EU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">signed an agreement<\/a> with Egypt and Israel earlier this year laying the foundations for Israeli gas to be exported across the Mediterranean via Egypt.<\/p>\n<p><strong>MEANWHILE- Transport Vehicles Distribution (TVD)<\/strong> \u2014a joint venture between <strong>GB Auto<\/strong> and <strong>El Ghalban Auto<\/strong> \u2014will start assembling Chinese <strong>JMC<\/strong> trucks early next year at GB\u2019s plants, GB Auto IR Manager Marina Kamal told Enterprise.<\/p>\n<p><strong>AND- Qalaa Holdings has <\/strong><strong>denied <\/strong><strong>reports<\/strong><strong> that it sold a stake in its subsidiary Taqa Arabia<\/strong>, saying that a 14% rise in its EGX-listed shares over the past week was not driven by any \u201cmaterial events.\u201d (<a href=\"https:\/\/ent.news\/2022\/8\/%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-%D8%A8%D9%8A%D8%A7%D9%86-22-08-2022.pdf\">Disclosure, pdf<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Real estate developer <strong>MNHD<\/strong> posted a record EGP 1.5 bn in <strong>sales in July<\/strong>, driven by the launch of two new phases of its Elect development at Taj City, it said in <a href=\"https:\/\/ent.news\/2022\/8\/MNHD-July-sales.pdf\">a statement (pdf)<\/a> yesterday. More than half the units across both phases have now been sold. The statement comes after the company said in its 2Q earnings it had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a368441-9161-41f1-9d57-14c31be13ab0\">booked record sales<\/a> \u2014 and after its board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/150d11b7-904c-40b5-9e94-70166fa31f61\">rebuffed<\/a> an acquisition bid from SODIC.<\/li>\n<li><strong>Raya Customer Experience (Raya CX<\/strong>) signed a partnership agreement with <strong>Zain <\/strong><strong>Saudi Arabia<\/strong> to provide customer services for the telecoms operator in KSA. (<a href=\"https:\/\/ent.news\/2022\/8\/Raya-CX-Zain-EN.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Abu Dhabi Islamic Bank Egypt (ADIB)<\/strong> and Dubai-based payments firm <strong><a href=\"https:\/\/simplifipay.com\/\">SimpliFi<\/a><\/strong> will launch a <a href=\"https:\/\/simplifipay.com\/articles\/what-is-caas\/\">card-as-a-service<\/a> offering for companies in Egypt. (<a href=\"https:\/\/ent.news\/2022\/8\/ADIB-Egypt-Simplifi-EN-PRL_-Final.pdf\">Statement, pdf<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Another big East Med gas find: Eni and TotalEnergies have made a \u201csignificant\u201d gas discovery in a shared exploration block off the coast of Cyprus which the companies estimate to contain at least 2.5 tn cubic feet of gas, Eni said in a statement yesterday. \u201cPreliminary estimates indicate about 2.5 tn cf of gas in [&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":[7209],"tags":[111,211,93,197,72,241,353,91,613,2294,83,1990],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548819","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cyprus","tag-energy","tag-eni","tag-enterpriseam","tag-gb-auto","tag-madinet-masr-for-housing-and-development","tag-oil-and-gas","tag-qalaa-holdings","tag-rayacx","tag-real-estate","tag-totalenergies","wpautop","entry"],"acf":{"mongo_id":"de12e525-d8ef-4162-aed4-bd9ed1dfdad7","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548802],"teaser":"","voice_url":""},"yoast_head":"<!-- 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estimate to contain at least 2.5 tn cubic feet of gas, Eni said in a statement yesterday. \u201cPreliminary estimates indicate about 2.5 tn cf of gas in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/big-gas-find-in-cyprus-could-benefit-egypt-gb-auto-to-assemble-chinese-trucks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-23T04:00:41+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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&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\/2025\/2\/1470.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585473,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/19\/eni-to-drill-new-mediterranean-exploration-well-chevron-looks-to-ramp-up-east-med-exploration-reports\/","url_meta":{"origin":548819,"position":2},"title":"Eni to drill new Mediterranean exploration well + Chevron looks to ramp up East Med exploration -reports","author":"enterpriseam admin","date":"19 April 2023","format":false,"excerpt":"Eni and EGPC\u2019s Petrobel will drill the Orion X1 well at a USD 130 mn cost","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\/2023\/4\/747.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":649788,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/08\/exxonmobil-qatar-petroleum-eni-total-successfully-bid-on-offshore-concessions-in-cyprus\/","url_meta":{"origin":548819,"position":3},"title":"ExxonMobil, Qatar Petroleum, Eni, Total successfully bid on offshore concessions in Cyprus","author":"enterpriseam admin","date":"8 March 2017","format":false,"excerpt":"ExxonMobil, Qatar Petroleum, Eni, and Total have successfully bid for rights to explore for oil and gas off the coast of Cyprus as part of a third licensing round to be approved by the cabinet on March 17, Cyprus trade minister George Lakkotrypis told reporters on Tuesday. Eni and Total\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572748,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/eni-to-finish-production-tests-at-north-hammad-exploration-well-this-week\/","url_meta":{"origin":548819,"position":4},"title":"Eni to finish production tests at North Hammad exploration well this week","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"Eni has begun production tests at the Bashrush exploration well in the Nile Delta where it recently discovered natural gas, Al Shorouk reports, citing an unnamed Egas source. Tests will be completed later this week, the source said. Eni last week announced the finding in its North Hammad exploration block\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577770,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/","url_meta":{"origin":548819,"position":5},"title":"Chevron finds 3.5 tn cf of gas in the EastMed","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"A big gas find in the EastMed: Chevron has discovered an offshore gas field in the Mediterranean estimated to hold 3.5 tn cubic feet of gas, a source tells MEES. The US energy giant made the finding drilling its first ever offshore well in Egypt at its Narges block off\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\/12\/66.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548819","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=548819"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548819\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548802"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548819"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548819"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}