{"id":550892,"date":"2022-05-11T13:09:54","date_gmt":"2022-05-11T13:09:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/this-evening-denmarks-cimbria-to-build-wheat-silo-complex-in-port-said-german-company-acquires-stake-in-ekh-subsidiary-eu-wants-to-cut-off-russian-oil-in-five-years\/"},"modified":"2022-05-11T13:09:54","modified_gmt":"2022-05-11T13:09:54","slug":"this-evening-denmarks-cimbria-to-build-wheat-silo-complex-in-port-said-german-company-acquires-stake-in-ekh-subsidiary-eu-wants-to-cut-off-russian-oil-in-five-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/this-evening-denmarks-cimbria-to-build-wheat-silo-complex-in-port-said-german-company-acquires-stake-in-ekh-subsidiary-eu-wants-to-cut-off-russian-oil-in-five-years\/","title":{"rendered":"THIS EVENING: Denmark\u2019s Cimbria to build wheat silo complex in Port Said + German company acquires stake in EKH subsidiary + EU wants to cut off Russian oil in five years"},"content":{"rendered":"

Good afternoon, wonderful people<\/strong>, and welcome to that time of the week when we can almost smell the weekend.<\/p>\n

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

<\/a> #1- <\/strong>Denmark\u2019s Cimbria is building a wheat silo complex in Port Said<\/strong> with a capacity of 100k tons in a bid to \u201csecure food storage\u201d in Egypt, according to a company statement<\/a>. The complex will include eight silos, each holding a capacity of 12.5k tons, and will be used to store imported wheat. Construction of the complex began in February and is expected to be complete within two years.<\/p>\n

#2- German fiberboard producer Homann Holzwerkstoffe is acquiring a 27% stake in Egypt<\/strong> Kuwait Holding (EKH)\u2019s subsidiary Global MDF Industries<\/strong>, according to an EKH statement (pdf)<\/a>, without disclosing the transaction amount. The agreement, which takes place over two phases, comes as part of a joint venture between the two companies. The first tranche involved the acquisition of a 16.2% stake today, while the remaining 10.8% will be finalized at the start of production, the statement said.<\/p>\n

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

<\/a> The EU is working on a USD 205 bn plan to cut off Russian oil in five years <\/strong>time<\/strong>, Bloomberg wrote<\/a> citing knowledgeable sources. The European Commission will propose upping its clean energy targets, from the current 40% to 45% by 2030 as well as increasing energy-efficiency targets, which would call on member nations to cut their energy consumption by a 13%.<\/p>\n

Hello, Europe: <\/strong>In a bid to boost LNG imports from non-Russian suppliers, the EU will be looking to pour more into infrastructure investments to allow for the \u201csustainable imports of LNG and pipeline gas from the new suppliers and ensure that development is hydrogen-ready.\u201d Egypt has been looking to capitalize on Europe\u2019 emerging thirst for LNG, with Eni signing agreements last month<\/a> to supply more of our LNG to Italy and Europe. Egypt also began shipping out LNG to Latin America last month<\/a>.<\/p>\n

Hungary is still pushing back on plans to end reliance on Russian fossil fuels<\/strong>, adding that \u201cif Brussels is serious about introducing this embargo, then that\u2019s only possible if shipments via pipelines are excluded,\u201d Bloomberg<\/a> wrote. The two sides have been working on reaching an agreement<\/a> with no luck.<\/p>\n

This push for the plan came as Ukraine announced that it will stop gas flows through its <\/strong>Sokhranivka gas transit point<\/strong> seeing that it had lost control of the infrastructure in the occupied territories. This move will significantly disturb European gas imports, with the transit point being responsible for the delivery of almost a third of the fuel moved from Russia to Europe through Ukraine. Russian gas transit shipments are set to drop 18% today, on the back of the disturbance. European gas prices jumped 6.8% on the news. The story dominated the foreign press: Bloomberg<\/a> | Reuters<\/a> | The New York Times<\/a> | AP<\/a>.<\/p>\n

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