{"id":615242,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/14\/this-evening-adnoc-bp-set-up-a-new-gas-jv-in-egypt\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"this-evening-adnoc-bp-set-up-a-new-gas-jv-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/14\/this-evening-adnoc-bp-set-up-a-new-gas-jv-in-egypt\/","title":{"rendered":"THIS EVENING: Adnoc + BP set up a new gas JV in Egypt"},"content":{"rendered":"

Good afternoon, ladies and gentlemen.<\/strong> It\u2019s almost-THURSDAY, but the news cycle is picking up pace for the last two days of the workweek. <\/p>\n

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

Adnoc and BP team up on new gas JV in Egypt:<\/strong> Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, Adnoc announced in a statement<\/a> today. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture\u2019s expansion.<\/p>\n

The concessions: <\/strong>The JV will see BP add its wholly-owned North Damietta concession, 50% share in North El Burg and 10% share in Shorouk \u2014 which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz. <\/p>\n

Ownership: <\/strong>BP will own 51% of the JV \u2014 which is expected to be formed during the second half of this year \u2014 while Adnoc will own the remainder.<\/p>\n

HAPPENING NOW<\/strong><\/p>\n

El Sisi meets with Erdogan in Turkish president\u2019s first visit to Cairo in over 10 <\/strong>years: <\/strong>President Abdel Fattah El Sisi has received his Turkish counterpart Recep Tayyip Erdogan at Ittihadiya today, in the latter\u2019s first visit to Cairo since 2012. The two presidents are scheduled to hold talks on ways to form closer bilateral ties between the two countries, as well as their shared interest in achieving a ceasefire in Gaza and ensuring the flow of aid to the people in the strip, according to an Ittihadiya statement<\/a> released just before the meeting.<\/p>\n

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

The international press is discussing BTC gains while also looking at Egypt\u2019s very own <\/strong>Nassef Sawiris. <\/strong>BTC is trading above USD 51.5k, reaching a market cap over USD 1 tn for the first time since 2021, with a price increase of more than 21% this year. Over on our turf, it seems Nassef Sawiris is considering a major restructuring of his assets. Still no verdict on what the money will be used for, but the businessman hinted at taking apart his chemicals group OCI<\/a>, in which he has an almost 40% stake, to use in a cash-shell company to venture into different industries. (CNBC<\/a> | Financial Times)<\/a> <\/p>\n

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