{"id":613381,"date":"2024-01-14T00:00:00","date_gmt":"2024-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/this-evening-local-currency-bond-issuance-in-brics-countries-could-be-coming-soon-plus-chevron-to-start-production-in-nargis-gas-field-next-year\/"},"modified":"2024-01-14T00:00:00","modified_gmt":"2024-01-14T00:00:00","slug":"this-evening-local-currency-bond-issuance-in-brics-countries-could-be-coming-soon-plus-chevron-to-start-production-in-nargis-gas-field-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/this-evening-local-currency-bond-issuance-in-brics-countries-could-be-coming-soon-plus-chevron-to-start-production-in-nargis-gas-field-next-year\/","title":{"rendered":"THIS EVENING: Local currency bond issuance in BRICS countries could be coming soon. PLUS: Chevron to start production in Nargis gas field next year?"},"content":{"rendered":"

Good afternoon, folks and welcome to the first full week of 2024. <\/strong>Our news cycle is picking up in what looks like a busy week. <\/p>\n

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

#1- Local currency bond issuances in BRICS countries on the horizon:<\/strong>Egypt is aiming to issue bonds in the local currencies of countries in the New Development Bank (NDB), according to a statement<\/a> from Finance Minister Mohamed Maait. Founded by Brazil, Russia, India, China and South Africa (BRICS), the NDB has expanded to include Egypt as of last April<\/a>, as well as the UAE and Bangladesh. <\/p>\n

Remember:<\/strong> Egypt is planning to make an INR-denominated issuance<\/a> in India in 2024, Maait said last month. Egypt has been looking to issue local currency bonds abroad as global inflation and currency uncertainty has all but shut the country out of USD denominated bonds. Egypt closed a CNY 3.5 bn issuance in China<\/a> and a JPY 75 bn issuance in Japan<\/a> last fall.<\/p>\n

#2- Chevron to kick off production in Nargis next year: <\/strong>US energy giant Chevron will reportedlystart producing gas from Egypt\u2019s offshore Nargis gas field in 1H 2025, Asharq Business<\/a> quotes an unnamed government official as saying. Chevron will initially produce some 600 mn cubic feet (cf) during the first phase of production, with production expected to jump to 1 bn cf within two years of operation, the source added.<\/p>\n

ICYMI- Chevron will reportedly invest USD 3 bn<\/strong> through 2025 to develop the Nargis gasfield, according to unconfirmed reports<\/a>. The field holds an estimated 2.5 tn cf of gas<\/a> <\/p>\n

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

Dominating the international press today is Donald Trump\u2019s staggering lead in the Iowa polls<\/strong> ahead of the caucuses tomorrow. <\/strong>Leading with 48% ahead of Nikki Haley\u2019s 20% and Ron DeSantis\u2019 16%, the former US president looks to be well-positioned for the Republican nomination, although DeSantis is still hoping for a turnover in Iowa to help him move up the ranks. Over in New Hampshire, Haley is doing a little better but still trailing behind Trump by 14 points. With expected severe weather coming up in Iowa, it\u2019s unclear how many voters will make it out to the caucus with campaign events being canceled ahead of the event. Meanwhile, Trump is spending time in courtrooms to defend himself against allegations of real estate fraud and attempting illegal means of retaining power after losing the 2022 election. (Bloomberg<\/a> | Financial Times<\/a> | Reuters<\/a> | Washington Post<\/a> | Wall Street Journal<\/a>)<\/p>\n

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