{"id":551525,"date":"2022-06-23T13:30:02","date_gmt":"2022-06-23T13:30:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/this-evening-egypt-still-has-capacity-to-boost-lng-export-volumes-cbe-to-hold-policy-meeting-today-germany-reflects-europes-ongoing-energy-crisis\/"},"modified":"2022-06-23T13:30:02","modified_gmt":"2022-06-23T13:30:02","slug":"this-evening-egypt-still-has-capacity-to-boost-lng-export-volumes-cbe-to-hold-policy-meeting-today-germany-reflects-europes-ongoing-energy-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/this-evening-egypt-still-has-capacity-to-boost-lng-export-volumes-cbe-to-hold-policy-meeting-today-germany-reflects-europes-ongoing-energy-crisis\/","title":{"rendered":"THIS EVENING: Egypt still has capacity to boost LNG export volumes + CBE to hold policy meeting today + Germany reflects Europe\u2019s ongoing energy crisis"},"content":{"rendered":"

Well, friends, we\u2019ve made it to the end of the week.<\/strong> We hope you have a restful (or otherwise enjoyable) weekend ahead of what will likely be a shortened workweek: Next Thursday, 30 June is expected to be a national holiday in observance of June 30 Revolution Day.<\/p>\n

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

<\/a> Egypt still has capacity at its Idku and Damietta liquefaction facilities it can<\/strong> use to boost LNG export volumes<\/strong>, Oil Minister Tarek El Molla said today, according to a ministry statement<\/a>. El Molla\u2019s statement comes after Egypt signed last week<\/a> an agreement with Israel and the EU that will see Tel Aviv send more gas to Egypt\u2019s facilities for processing before being shipped to Europe. The agreement also covers cooperation on infrastructure utilization to help efficiently increase gas shipments to the EU.<\/p>\n

The availability of extra capacity at our facilities is great news, considering\u2026 <\/strong><\/p>\n

<\/a> THE BIG STORY ABROAD, which is the escalation of the energy crisis in<\/strong> Europe<\/strong> as the continent\u2019s face-off with Russia continues to roil energy markets. Germany moved into the second phase \u2014 the \u201calarm stage\u201d \u2014 of its national gas emergency plan after several days of lower gas supplies to Europe through its Nord Stream 1 pipeline. Although Germany is officially labeling the situation as a \u201cgas crisis\u201d and gas is a \u201cscarce commodity,\u201d Economy Minister Robert Habeck, higher prices will not yet get passed on to industrial or household consumers. If Germany moves into the third phase of its emergency plan, the government could begin rationing gas supplies to factories and households. The story is getting plenty of attention from the Financial Times<\/a>, Reuters<\/a>, and CNBC<\/a>.<\/p>\n

HAPPENING SOON- <\/strong><\/p>\n

The Central Bank of Egypt (CBE) will hold its latest policy meeting today<\/strong> against the backdrop of rising inflation and an acceleration of the biggest global tightening cycle in decades. Coming on the back of worsening inflation data<\/a> and the Federal Reserve\u2019s huge 75-bps rate hike<\/a> last week, emerging economies across the world will come under increasing pressure to act as liquidity tightens and borrowing costs rise.<\/p>\n

We don\u2019t really have a consensus on what the outcome of today\u2019s meeting will be:<\/strong> A narrow majority of analysts we surveyed<\/a> last week expect the CBE to keep things steady this month while it assesses the impact of recent rate hikes on inflation in June and July. Meanwhile, a poll conducted by Reuters<\/a> this week has the CBE raising interest rates. Its survey of 17 analysts forecasts a 50 bps increase in the benchmark rate to 11.75% and a 25 bps hike in the lending rate to 12.50%. The central bank has already raised rates by 300 bps since March in response to inflation and external pressures.<\/p>\n

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