{"id":549568,"date":"2022-09-21T04:00:04","date_gmt":"2022-09-21T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/"},"modified":"2022-09-21T04:00:04","modified_gmt":"2022-09-21T04:00:04","slug":"aramco-wants-more-fossil-fuel-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/","title":{"rendered":"Aramco wants more fossil fuel investment"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>The \u2018SPAC King\u2019 has lost his crown:<\/strong> Chamath Palihapitiya, one of the key figures who fueled the 2020 SPAC mania, is winding down two of his blank-check firms after failing to find targets, and will return more than USD 1.5 bn to investors. Most of the companies taken public by Palihapitiya, the self-anointed Warren Buffett of this generation, have seen their share prices plunge this year amid tightening financial conditions. (<a href=\"https:\/\/chamathreads.substack.com\/p\/ipo-20-update?sd=pf\">Statement<\/a>)<\/p>\n<p><strong>Shocker: Aramco CEO wants more investment in fossil fuels:<\/strong> The CEO of Saudi Aramco has pinned the blame on the current global energy crisis on underinvestment in fossil fuels, saying in a speech yesterday that if investment doesn\u2019t rise spare capacity could be destroyed once demand rebounds, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/aramco-says-global-oil-buffers-may-vanish-when-demand-recovers?srnd=premium-europe\">Bloomberg<\/a>. \u201cWhen the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there,\u201d Nasser said. \u201cBy the time the world wakes up to these blind spots, it may be too late to change course. I am seriously concerned.\u201d An increase in investment this year is \u201ctoo little, too late\u201d and won\u2019t make up for what happened after 2014 when investment fell from USD 700 bn to USD 300 bn last year, he said.<\/p>\n<p><strong>Nasdaq makes a crypto push: <\/strong>The second largest US stock exchange has launched a digital assets unit to lure institutional investors into digital currency, a company exec reportedly told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/nasdaq-makes-first-big-crypto-push-to-lure-institutional-clients?sref=mmeFTDW1\">Bloomberg<\/a>. The tech-heavy index will offer custody services for BTC and ETH, competing against crypto trading firms including Coinbase, Anchorage Digital and BitGo and could launch a crypto exchange depending on the regulatory and competitiveness landscape.<\/p>\n<p><strong>But Enterprise, isn\u2019t crypto going through a bleak<\/strong><strong> midwinter?<\/strong> The Nasdaq is optimistic about <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e265cf2-35f9-41b4-ba05-e402b38f9352\">institutional interest<\/a> despite the recent crypto crunch, which has seen BTC plunge 58.9% so far this year to trade around USD 18.9. \u201cWe believe this next wave of the revolution is going to be driven by mass institutional adoption,\u201d Ira Auerbach, the index\u2019s new digital currency head, tells the business newswire.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>IPO Watch:<\/strong> Chinese EV maker <a href=\"https:\/\/en.leapmotor.com\/home\">Leapmotor<\/a> is looking to raise up to HKD 8.1 bn (USD 1.0 bn) in what would be Hong Kong\u2019s largest IPO this year. Leapmotor will set a per-share price of between HKD 48-62, with trading set to begin on 29 September. (<a href=\"https:\/\/ent.news\/2022\/9\/Zhejiang-Leapmotor-Technology-IPO.pdf\">Release, pdf<\/a>)<\/li>\n<li><strong>TotalEnergies wants more of Qatar\u2019s huge LNG project:<\/strong> The French energy giant will add to its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cfcbd4e-943f-41b5-b7b0-580113ab9b04\">25% stake<\/a> in the project as European countries go in search of new energy suppliers to replace Russian fossil fuels. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/totalenergies-set-to-make-another-gas-investment-in-qatar?srnd=premium-middle-east\">Bloomberg<\/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-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,011<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -16.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.38<\/p>\n<\/td>\n<td>\n<p>Sell 19.49<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.41<\/p>\n<\/td>\n<td>\n<p>Sell 19.47<\/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-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,504<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,135<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +19.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,498<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +9.5%)<\/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>3,856<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -19.1%)<\/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>7,193<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -2.6%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,467<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -19.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 90.90<\/p>\n<\/td>\n<td>\n<p>-1.20%<\/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 7.72<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/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 1,671.10<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 18,909<\/p>\n<\/td>\n<td>\n<p>-3.2% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.04 bn (8.6% above the 90-day average). Regional investors were net sellers. The index is down 16.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+6.2%), Elsewedy Electric (+5.1%) and Madinet Nasr Housing (+4.5%).<\/p>\n<p><strong>In the red: <\/strong>Eastern Company (-1.3%), Ibnsina Pharma (-1.2%) and Alexandria Containers (-0.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u2018SPAC King\u2019 has lost his crown: Chamath Palihapitiya, one of the key figures who fueled the 2020 SPAC mania, is winding down two of his blank-check firms after failing to find targets, and will return more than USD 1.5 bn to investors. Most of the companies taken public by Palihapitiya, the self-anointed Warren Buffett [&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":[394,344,93,72,119,293,78,91,122,296,439,1990],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549568","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramco","tag-cryptocurrency","tag-energy","tag-enterpriseam","tag-financial-markets","tag-hong-kong","tag-ipo-watch","tag-oil-and-gas","tag-planet-finance","tag-qatar","tag-spacs","tag-totalenergies","wpautop","entry"],"acf":{"mongo_id":"2f4034e4-9dea-4419-aa21-c7754e31730d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549544],"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>Aramco wants more fossil fuel investment - 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\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco wants more fossil fuel investment\" \/>\n<meta property=\"og:description\" content=\"The \u2018SPAC King\u2019 has lost his crown: Chamath Palihapitiya, one of the key figures who fueled the 2020 SPAC mania, is winding down two of his blank-check firms after failing to find targets, and will return more than USD 1.5 bn to investors. Most of the companies taken public by Palihapitiya, the self-anointed Warren Buffett [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-21T04:00:04+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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Aramco wants more fossil fuel investment\",\"datePublished\":\"2022-09-21T04:00:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\"},\"wordCount\":527,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Aramco\",\"cryptocurrency\",\"energy\",\"EnterpriseAM\",\"Financial Markets\",\"Hong Kong\",\"IPO watch\",\"oil and gas\",\"Planet Finance\",\"Qatar\",\"SPACs\",\"TotalEnergies\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\",\"name\":\"Aramco wants more fossil fuel investment - 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