{"id":552103,"date":"2022-08-11T13:42:27","date_gmt":"2022-08-11T13:42:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/this-evening-ap-moller-signs-usd-500-mn-investment-agreement-us-gas-prices-finally-cool-off\/"},"modified":"2022-08-11T13:42:27","modified_gmt":"2022-08-11T13:42:27","slug":"this-evening-ap-moller-signs-usd-500-mn-investment-agreement-us-gas-prices-finally-cool-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/this-evening-ap-moller-signs-usd-500-mn-investment-agreement-us-gas-prices-finally-cool-off\/","title":{"rendered":"THIS EVENING: AP Moller signs USD 500 mn investment agreement + US gas prices finally cool off"},"content":{"rendered":"<p><strong>Good afternoon, friends, and a very happy THURSDAY to us all.<\/strong> It\u2019s another relatively calm end to the week \u2014 the perfect note on which to escape from the capital city.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>AP Moller-Maersk signs agreement for USD 500 mn East Port Said Port investment:<\/strong> Denmark\u2019s AP Moller-Maersk, the world\u2019s largest container line, signed today a contract to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52cf04dc-9b57-474a-be52-39771a19eb44\">invest USD 500 mn<\/a> in the Suez Canal Container Terminal (SCCT) in the East Port Said Port, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Lo81kh1RgTfc2YvqfbmNvePiBuVSXXqpbydHzeoaCNVw4WAsHSCe7Z5QdDoukDfnl\">cabinet statement<\/a>. AP Moller signed the agreement with the Suez Canal Economic Zone. Both entities are partners in SCCT. The investment will be earmarked for operating a new 1km container berth to raise the port\u2019s capacity.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Average US gas prices have fallen to below USD 4 per gallon for the first<\/strong><strong> time in months<\/strong>, <a href=\"https:\/\/gasprices.aaa.com\/state-gas-price-averages\/\">according to<\/a> the American Automobile Association. This is well down from their June peak of just over USD 5 \u2014 an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f43a3709-ccc7-4da8-bc30-046c40884434\">unprecedented high<\/a> that drove already-surging inflation \u2014 but still some USD 0.80 a gallon higher than they were a year ago, the <a href=\"https:\/\/www.wsj.com\/articles\/lower-gasoline-prices-portend-higher-consumer-confidence-affect-inflation-11660160141\">Wall Street Journal<\/a> notes. US crude oil prices \u2014 which largely determine the price of gas \u2014 closed last week at their lowest level since Russia\u2019s invasion of Ukraine in February, partly off the back of mounting recession fears, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44cce70e-9e32-4176-848b-df0c7a3fcf7f\">we noted<\/a>. Market fears of severe supply restrictions have also abated since then, <a href=\"https:\/\/www.reuters.com\/business\/energy\/us-gasoline-prices-fall-below-4-first-time-since-march-2022-08-11\/\">Reuters<\/a> tells us. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-11\/us-average-retail-gasoline-prices-fall-below-4-gallon-aaa#xj4y7vzkg\">Bloomberg<\/a>, the <a href=\"https:\/\/www.nytimes.com\/2022\/08\/11\/business\/gas-prices-4-a-gallon.html\">New York Times<\/a> and the <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/08\/11\/gas-prices-4-dollars\/\">Washington Post<\/a> all have the story.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The Saudi sovereign wealth fund <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">acquired minority stakes<\/a><\/strong><strong> in four EGX-listed companies<\/strong> for USD 1.3 bn yesterday, buying stakes in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo Handling, and e-Finance.<\/li>\n<li><strong>Egypt has been a MENA M&A hotspot so far in 2022:<\/strong> Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8587bac-8861-4a01-9442-369c539ee53b\">recorded<\/a> 65 M&A transactions worth USD 3.2 bn in the first six months of the year, making it the second-largest M&A destination in the region by value and dealcount.<\/li>\n<li><strong>Inflation resumed its upward trend in July<\/strong>, reaching a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">fresh three-year high<\/a> on the back of higher food and fuel prices<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Ghazl El Mahalla IPO:<\/strong> The retail portion of Ghazl El Mahalla\u2019s mini-IPO will wrap this coming Sunday, 14 August.<\/p>\n<p><strong>MNHD shareholders have the final word on SODIC takeover bid:<\/strong> Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.<\/p>\n<p><strong>Interest rates:<\/strong> The Central Bank of Egypt will meet to discuss interest rates next Thursday, 18 August. Look for our poll of economists on Sunday to see where they see interest rates landing next week.<\/p>\n<p><strong>National Dialogue:<\/strong> The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect daytime highs of 39\u00b0C over the weekend and nighttime lows of 23-24\u00b0C, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, friends, and a very happy THURSDAY to us all. It\u2019s another relatively calm end to the week \u2014 the perfect note on which to escape from the capital city. THE BIG STORY TODAY AP Moller-Maersk signs agreement for USD 500 mn East Port Said Port investment: Denmark\u2019s AP Moller-Maersk, the world\u2019s largest container [&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":[7213],"tags":[2245,633,213,125,91,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552103","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-ap-moller-maersk","tag-enterprisepm","tag-infrastructure-watch","tag-investment-watch","tag-oil-and-gas","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"db181785-4cce-41a0-a6b1-2901f6dfc54b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[552101],"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>THIS EVENING: AP Moller signs USD 500 mn investment agreement + US gas prices finally cool off - 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\/08\/11\/this-evening-ap-moller-signs-usd-500-mn-investment-agreement-us-gas-prices-finally-cool-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: AP Moller signs USD 500 mn investment agreement + US gas prices finally cool off\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends, and a very happy THURSDAY to us all. It\u2019s another relatively calm end to the week \u2014 the perfect note on which to escape from the capital city. 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Under agreements signed Thursday with Hutchison Ports and AP Moller-Maersk, as much as USD 1.3 bn could be invested in the\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/233.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607645,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/08\/egypt-maersk-sign-green-methanol-framework-agreement\/","url_meta":{"origin":552103,"position":2},"title":"Egypt, Maersk sign green methanol framework agreement","author":"enterpriseam admin","date":"8 October 2023","format":false,"excerpt":"The project will produce 300k tons of green methanol a year initially before expanding to 1 mn tons","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\/10\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577280,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/maersks-scct-inks-contract-for-usd-500-mn-east-port-said-port-expansion\/","url_meta":{"origin":552103,"position":3},"title":"Maersk\u2019s SCCT inks contract for USD 500 mn East Port Said port expansion","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"It\u2019s official: AP Moller-Maersk will embark on a major USD 500 mn expansion of East Port Said port that is expected to raise its capacity by 40%. 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