{"id":550613,"date":"2022-04-11T12:56:09","date_gmt":"2022-04-11T12:56:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/this-evening-the-eu-could-be-looking-at-a-russian-oil-embargo-soon-aail-plans-egp-500-600-mn-securitized-bond-issuance-by-2023\/"},"modified":"2022-04-11T12:56:09","modified_gmt":"2022-04-11T12:56:09","slug":"this-evening-the-eu-could-be-looking-at-a-russian-oil-embargo-soon-aail-plans-egp-500-600-mn-securitized-bond-issuance-by-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/this-evening-the-eu-could-be-looking-at-a-russian-oil-embargo-soon-aail-plans-egp-500-600-mn-securitized-bond-issuance-by-2023\/","title":{"rendered":"THIS EVENING: The EU could be looking at a Russian oil embargo soon + AAIL plans EGP 500-600 mn securitized bond issuance by 2023"},"content":{"rendered":"

It\u2019s unfortunately only Monday<\/strong>, ladies and gentlemen, but we\u2019re hoping the rest of the week will go by a bit faster than the first two days have. Not helping matters: It\u2019s a rather slow afternoon on the homefront so far, with no massive news stories to bring your attention to.<\/p>\n

*** SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:20pm CLT this evening in the capital city, and fajr prayers are at 4:03am.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> The EU could trigger a bout of volatility in global oil markets as it considers<\/strong> imposing an embargo on Russian oil embargo soon.<\/strong> EU officials are \u201cnow working on ensuring that oil is part of the next sanctions package,\u201d Irish Foreign Minister Simon Coveney told Reuters<\/a>. Russian oil makes up about a quarter of the EU\u2019s crude imports, which is \u201ccontributing to financing this war. We need to cut off that financing ... the sooner that can happen the better,\" Coveney added. The European Parliament passed a non-binding vote in favor of an embargo last week. If Western countries impose a \u201creal embargo\u201d on Russian energy, the war could end \u201cwithin a month or two,\u201d Andrei Illarionov, former chief economic adviser to President Vladimir Putin told theBBC<\/a>. Oil and gas revenues made up 36% of the Russian government\u2019s spending last year.<\/p>\n

On the upside, this could be good news for the environment:<\/strong> The move could help the EU set more ambitious goals<\/a> for its transition to renewable energy as it looks for Russian oil alternatives, EU climate policy chief Frans Timmermans said. The European Commission is now working on proposing a \u201cRepower EU\u201d initiative that would push for a higher percentage of renewable energy for 2030, Timmermans said. The EU\u2019s current plan is to raise renewable energy consumption to 40% by 2030.<\/p>\n

It could also be a boon for Egypt\u2019s LNG exports:<\/strong> That push towards alternatives could also open up a window for the EU to import more liquefied natural gas (LNG) from Egypt as part of the bloc\u2019s accelerated transition towards cleaner energy sources. This comes as EU Executive Vice-President Frans Timmermans is in town<\/a>, telling Prime Minister Moustafa Madbouly yesterday that the EU is looking to ramp up its imports of LNG from Egypt in the short term.<\/p>\n

THE BIG STORY AT HOME<\/strong><\/p>\n

<\/a> Arab African International Leasing (AAIL) is planning to take a EGP 500-600 mn securitized bond issuance<\/strong> by the end of 2023, AAIL Chairman Mahmoud El Sakka told Enterprise, confirming a story in Al Mal<\/a>. AAIL is also looking to add factoring to its portfolio of services, after landing approval from the Financial Regulatory Authority.<\/p>\n

^^We\u2019ll have more<\/strong> on this and other stories in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n