{"id":600839,"date":"2019-02-12T03:42:48","date_gmt":"2019-02-12T03:42:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/what-were-tracking-on-12-february-2019\/"},"modified":"2019-02-12T03:42:48","modified_gmt":"2019-02-12T03:42:48","slug":"what-were-tracking-on-12-february-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/what-were-tracking-on-12-february-2019\/","title":{"rendered":"What we\u2019re tracking on 12 February 2019"},"content":{"rendered":"<p><b>As we suggested yesterday, it is all oil and gas, all the time <\/b>with the kickoff of the three-day <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>. Among the headlines so far:<\/p>\n<ul>\n<li><b>New energy contracts<\/b> are nearly ready and will drive investment to undeveloped areas, Oil Minister Tarek El Molla told reporters;<\/li>\n<li><b>Peak Zohr: <\/b>The Zohr supergiant offshore gas field will near peak production this year;<\/li>\n<li><b>Lots of love from BP: <\/b>Global oil major BP invested more in Egypt last year than anywhere else in the world and will invest about USD 1.8 bn here this year, CEO Bob Dudley said yesterday;<\/li>\n<li><b>Locking in gas supply: <\/b>BP has begun producing 400 mcf\/d of gas from the second phase of its West Nile Delta project. A third phase due to come online at year\u2019s end will lock volumes from the West Nile Delta project equivalent to about 20% of Egypt\u2019s current natural gas production.<\/li>\n<li><b>LNG exports: <\/b>Total and Eni separately expressed optimism about spinning up exports from Egypt\u2019s two (almost) mothballed liquefaction plants.<\/li>\n<\/ul>\n<p>Expect more news today, including <b>details on the award of more than a dozen concessions to explore for oil and gas<\/b>. We have chapter and verse on Monday\u2019s developments in this morning\u2019s Speed Round, below. The gathering wraps up tomorrow.<\/p>\n<hr class=\"grey-line\">\n<p><b>T-bill auction: <\/b>The CBE sold USD 1.014 bn worth of one-year USD-denominated treasury bills yesterday with an average yield of 3.797%, <a href=\"https:\/\/www.reuters.com\/article\/egypt-bills\/update-1-egypt-sells-1014-billion-in-one-year-dollar-t-bills-central-bank-idUSL5N2063SN\">Reuters reports<\/a>. The average yield was unchanged from the last such auction in early January.<\/p>\n<p><b>Germany is offering Egypt a USD 250 mn loan. <\/b>The facility, from <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/11\/nasr-signs-eur-320-mn-worth-of-agreements-with-germany\/\">Germany\u2019s KFW<\/a> development bank, is due to be signed today and will support Egypt\u2019s the IMF-backed reform program, <a href=\"https:\/\/www.facebook.com\/german.embassy.cairo\/posts\/2172257526174030\">according to a statement<\/a> from the German embassy in Cairo. The embassy did not disclose the purpose of the funding.<\/p>\n<p><b>Renaissance Capital\u2019s investor trip to Egypt continues today. <\/b>The gathering, which will see foreign investors meet Egyptian companies and government officials, wraps up tomorrow.<\/p>\n<p><b>Bringing SMEs into the formal banking system<\/b> is the topic of a paper the IMF will present today at a seminar at the American University in Cairo\u2019s Tahrir campus, <a href=\"https:\/\/www.imf.org\/en\/News\/Seminars\/Conferences\/2019\/01\/23\/sme-financial-inclusion-paper-launch\">according to a statement<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><b>The US government won\u2019t shut down at the end of the week. <\/b>Lawmakers reached a preliminary agreement on border security that will make possible a funding bill before an end-of-week deadline, avoiding a second shutdown of the US government this year, according to the <a href=\"https:\/\/www.wsj.com\/articles\/lawmakers-to-resume-stalled-border-security-talks-11549901117\">Wall Street Journal<\/a>. House and Senate negotiators agreed to provide USD 1.375 bn for a 55-mile barrier on the US\u2019 border with Mexico, \u201ca figure far lower than the USD 5.7 bn that President Trump had demanded for a border wall,\u201d <a href=\"https:\/\/www.nytimes.com\/2019\/02\/11\/us\/politics\/immigration-detention-beds-ice-trump.html?action=click&module=Top%20Stories&pgtype=Homepage\">the New York Times notes<\/a>.<\/p>\n<p><b>The IMF\u2019s new chief economist Gita Gopinath gave a thumbs-up to the US Federal Reserve\u2019s decision to keep rates on hold<\/b>, in an interview with <a href=\"https:\/\/www.ft.com\/content\/6fc36f9e-2bd5-11e9-a5ab-ff8ef2b976c7\">the Financial Times (paywall)<\/a>. The Fed\u2019s policy reversal has \u201ccertainly helped\u201d emerging economies that struggled with liquidity problems last year, she said, adding that EM currencies are now enjoying some reprieve from the depreciation seen in 2018. <b>The Fed\u2019s hands-off approach to rates this year is bolstering the outlook for emerging markets<\/b>, Eastspring Investments strategist Mary Nicola tells <a href=\"https:\/\/www.cnbc.com\/2019\/02\/11\/emerging-markets-set-to-recover-after-last-years-rout-strategist.html\">CNBC<\/a>.<\/p>\n<p><b>The FT asks: have the central banks lost their nerve? <\/b>With the Fed and the Bank of England both rowing back on plans to raise rates in the coming months, the <a href=\"https:\/\/www.ft.com\/content\/d03957a2-2b9a-11e9-a5ab-ff8ef2b976c7\">salmon-colored paper writes<\/a> that policymakers are now taking note of the emerging headwinds in the global economy.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/156.jpg?ssl=1\"><\/p>\n<p><b>Are emerging markets not taking the US-China trade dispute seriously enough?: <\/b>As US Treasury Secretary Steven Mnuchin and co. resume trade talks with China, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-10\/trade-talks-to-eclipse-all-as-emerging-market-bulls-take-a-hit\">Bloomberg thinks<\/a> traders may not be freaked out enough about what the trade dispute could mean for emerging markets. The MSCI Emerging Markets Index <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/10\/wall-of-money-destined-for-emerging-markets-iif\/\">closed last week in the red<\/a> for the first time in 2019, as concerns about an impasse heightened. \u201cWhile we are still bullish on the asset class based on valuations, technicals and the exogenous environment, we think the market may pause for break over the coming two to three weeks,\u201d Fidelity International\u2019s Paul Greer said. <a href=\"https:\/\/www.ft.com\/content\/b899359a-2da2-11e9-8744-e7016697f225\">Asian and European stocks<\/a> nevertheless rallied yesterday in anticipation of a breakthrough during the talks.<\/p>\n<p><b>This comes as global investors are hedging against Armageddon<\/b>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-11\/investors-hedge-stock-doomsday-with-record-fixed-income-inflows\">Bloomberg reports<\/a>, pouring some USD 2.3 bn so far this year into an ETF that tracks 20+ year US treasuries. <b>What are people jittery about? <\/b>\u201cFears of worsening economic momentum coupled with geopolitical uncertainties and corporate earnings revisions that appear to have limited upside,\u201d a strategist at State Street Global Advisors tells the business information service.<\/p>\n<p><b>PSA- Expect ugly weather across the nation this week. <\/b>The national weather service is predicting rain in the coming days and sand storms Wednesday through Saturday, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/325400\/Egypt\/Politics-\/Fourday-sand-storm-expected-in-Egypt-starting-Wedn.aspx\">Ahram Online says.<\/a> Our favorite weather app suggests Wednesday and Thursday are likely to be the worst days for blowing sand, but doesn\u2019t have rain in the forecast.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we suggested yesterday, it is all oil and gas, all the time with the kickoff of the three-day Egypt Petroleum Show. Among the headlines so far: New energy contracts are nearly ready and will drive investment to undeveloped areas, Oil Minister Tarek El Molla told reporters; Peak Zohr: The Zohr supergiant offshore gas field [&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":[7204],"tags":[93,72,290,125,91,287,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600839","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam","tag-financial-inclusion","tag-investment-watch","tag-oil-and-gas","tag-smes","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"aa9aeaf3-b8c3-4eb5-8303-665df2450e76","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[600837],"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>What we\u2019re tracking on 12 February 2019 - 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\/2019\/02\/12\/what-were-tracking-on-12-february-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 12 February 2019\" \/>\n<meta property=\"og:description\" content=\"As we suggested yesterday, it is all oil and gas, all the time with the kickoff of the three-day Egypt Petroleum Show. 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The ministry made the decision after the companies succeeded\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594002,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/zohr-natgas-output-to-surpass-3-bcf-d-this-month\/","url_meta":{"origin":600839,"position":1},"title":"Zohr natgas output to surpass 3 bcf\/d this month","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"Zohr natgas production to exceed 3 bcf\/d this month: Production from the 13 wells at the giant Zohr natural gas field is expected to surpass 3 bcf\/d by the end of October, up from 2.7 bcf\/d in August, Eni IEOC JV boss Luca De Caro said on the sidelines of\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":653908,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/24\/drilling-operations-in-zohr-to-resume-in-december\/","url_meta":{"origin":600839,"position":2},"title":"Drilling operations in Zohr to resume in December","author":"enterpriseam admin","date":"24 October 2024","format":false,"excerpt":"Plus- EGPC signs 4 MoUs with a number of firms for energy exploration","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\/2024\/10\/2107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600842,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/bp-brings-giza-and-fayoum-gas-fields-online\/","url_meta":{"origin":600839,"position":3},"title":"BP brings Giza and Fayoum gas fields online","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"New, investor-friendly production-sharing agreements are in the spotlight as gov\u2019t pushes Egypt as a regional energy hub. The three-day Egypt Petroleum Show, which got underway yesterday, is best thought of as the physical embodiment of the Sisi administration\u2019s strategy to position Egypt as the premier eastern Mediterranean energy hub. Domestic\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1886.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605641,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/eni-friends-to-invest-usd-7-7-bn-in-egypt-in-four-years\/","url_meta":{"origin":600839,"position":4},"title":"Eni + Friends to invest USD 7.7 bn in Egypt in four years","author":"enterpriseam admin","date":"4 September 2023","format":false,"excerpt":"Eni chief Claudio Descalzi held talks with the president yesterday, one week after the CEO of BP was in town","rel":"","context":"In &quot;INVESTMENT EIT&quot;","block_context":{"text":"INVESTMENT EIT","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-eit\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636137,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/21\/zohr-officially-came-to-life-yesterday\/","url_meta":{"origin":600839,"position":5},"title":"Zohr officially came to life yesterday","author":"enterpriseam admin","date":"21 December 2017","format":false,"excerpt":"Zohr officially came to life yesterday: Eni announced the production of first gas from the supergiant Zohr field. The Italian company says the production was reached in \u201crecord time for this type of field of less than two and a half years.\u201d CEO Claudio Descalzi says Zohr, which is estimated\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=600839"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600839\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600837"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600839"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600839"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}