{"id":640644,"date":"2024-08-29T00:00:00","date_gmt":"2024-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/29\/govt-wants-to-commit-to-monthly-payments-to-foreign-fossil-fuel-players-in-bid-to-boost-production\/"},"modified":"2024-08-29T00:00:00","modified_gmt":"2024-08-29T00:00:00","slug":"govt-wants-to-commit-to-monthly-payments-to-foreign-fossil-fuel-players-in-bid-to-boost-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/29\/govt-wants-to-commit-to-monthly-payments-to-foreign-fossil-fuel-players-in-bid-to-boost-production\/","title":{"rendered":"Gov\u2019t wants to commit to monthly payments to foreign fossil fuel players in bid to boost production"},"content":{"rendered":"

Good morning, everyone.<\/strong> It seems the weekend has started off early in Egypt, with only a trickle of local business news coming our way. However, across the pond in the US of A, the business cycle is in full swing with all eyes on Wall Street as it reacts to Nvidia\u2019s hotly anticipated earnings that were released late last night.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The government wants to commit to monthly payments to foreign<\/strong> oil and gas companies in bid to boost investor appetite: <\/strong>Work is underway to make it possible for the government to commit to monthly payments to foreign companies working in the oil and gas sector, according to a cabinet statement<\/a> out yesterday. The initiative comes as part of government efforts to ramp up production by incentivizing increased production and exploration of fossil fuels. New state incentives<\/a> for oil and gas companies announced earlier this week also include offering foreign companies higher prices for the gas that they produce from their concessions. <\/p>\n

Why all the energy incentive news this week? <\/strong>Prime Minister Moustafa Madbouly announced last week that the oil minister has been tasked<\/a> with meeting with foreign energy players with the aim of boosting local production starting early 2025. After months of blackouts and then coughing up USD 1.2 bn to put a temporary halt to outages over the summer months, the government has been noticeably more proactive in its efforts to try to get local energy production rates back on the up.<\/p>\n

\n

\n

<\/a> #2- Work is underway to streamline customs, tax procedures for auto manufacturers:<\/strong> The Finance Ministry will set up a central unit to facilitate customs and tax procedures for companies involved in automotive manufacturing under a decision issued by the Finance Minister, the Egyptian Tax Authority (ETA) said<\/a> in a statement. Entities that the unit will cater to include assembly companies, feeder industries, and any other entities participating in the Automotive Industry Development Program (AIDP). The unit will consist of representatives from the ETA and the Customs Authority.<\/p>\n

\n

PSA-<\/p>\n

WEATHER- It\u2019s a little cooler in Cairo today<\/strong>, with a high of 34\u00b0C and a low of 26\u00b0C \u2014 and even a small chance of light rain \u2014 according to our favorite weather app.<\/p>\n

It\u2019s more of the same in Alexandria and along the coast<\/strong>, with a high of 33\u00b0C and a low of 23\u00b0C.<\/p>\n

And over the weekend, <\/strong>expect to see the slightly cool weather to carry on in the capital and on our northern shores.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

<\/a> <\/p>\n

\n

HAPPENING TODAY-<\/p>\n

<\/a> UK-Egypt trade, investment is top of the agenda<\/strong>: <\/strong>Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar<\/strong> today to discuss how to support infrastructure reforms<\/strong>, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar will take place from 12-1pm CLT \/ 1-2pm UAE. <\/p>\n

Want to attend? <\/strong>You can sign up here<\/a><\/strong>.<\/strong> <\/p>\n

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in<\/strong> London<\/strong> on Monday, 16 September. The gathering \u2014 which follows on from a June<\/a>infrastructure mission<\/a> \u2014 will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech. The forum will also include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update. <\/p>\n

Want to join them in London? <\/strong>Register your interest in attending the event here<\/a>.<\/p>\n

\n
\n
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\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> Egypt-Iraq investments, trade, partnerships incoming: <\/strong>An Egyptian delegation, led by Industry and Transport Minister Kamel El Wazir, is set to land in Iraq on 9 September to finalize a number of strategic partnerships between companies from both countries, Asharq Business<\/a> reports, citing Federation of Chambers of Commerce Secretary-General Alaa Ezz. Egypt is looking to boost its trade with Iraq by 41% y-o-y to reach USD 1 bn in 2025, one unnamed government official said. <\/p>\n

There\u2019s a lot of interest in the Iraqi market: <\/strong>Egyptian companies expressed interest in Iraq\u2019s pharma, infrastructure, and construction sectors during Iraqi Prime Minister Mohammed Shia' Al Sudani\u2019s recent visit<\/a> to Egypt. <\/p>\n

Remember: <\/strong>Earlier this summer, it was reported that the Iraqi Health Ministry is holding discussions with Egyptian contractors to take part in revamping 12 hospitals<\/a> with an estimated cost of USD 480 mn.<\/strong><\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

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

The international business press is uniformly leading its front pages this morning with <\/strong>Nvidia\u2019s earnings<\/strong>, which we unpack in Planet Finance, below. <\/p>\n

Also getting prominent coverage this morning:<\/strong> Telegram CEO and founder Pavel Durov was charged in France for being complicit in the spread of inappropriate images of children on the platform, in addition to complicity in illicit transactions, fraud, and drug trafficking. Durov was also charged with failure to comply with authorities on investigations into illegal activities happening on Telegram. French authorities ordered Durov to post EUR 5 mn bail and banned him from leaving the country. Durov was arrested on arrival in France earlier this week. (Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | Washington Post<\/a> | New York Times<\/a>)<\/p>\n

PLUS- OpenAI is in talks for another funding round that would give the ChatGPT maker a <\/strong>valuation of more than USD 100 bn<\/strong>, the Wall Street Journal reported. OpenAI is currently valued at USD 86 bn. The company is in talks with Thrive Capital \u2014 which alone could invest USD 1 bn \u2014 and other investors for its first funding round since the release of ChatGPT in early 2023. CNBC<\/a> and the Financial Times<\/a> also have the story. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone. It seems the weekend has started off early in Egypt, with only a trickle of local business news coming our way. However, across the pond in the US of A, the business cycle is in full swing with all eyes on Wall Street as it reacts to Nvidia\u2019s hotly anticipated earnings that […]<\/p>\n","protected":false},"author":1,"featured_media":640645,"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":[93,72,91,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2f5f2b65-10ee-46fc-b53e-bb85bc4dc695","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/835.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t wants to commit to monthly payments to foreign fossil fuel players in bid to boost production","related_issue":[640642],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.284c0afd-a36f-4e22-85a5-a281658fc770.mp3"},"yoast_head":"\nGov\u2019t wants to commit to monthly payments to foreign fossil fuel players in bid to boost production - 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\/2024\/08\/29\/govt-wants-to-commit-to-monthly-payments-to-foreign-fossil-fuel-players-in-bid-to-boost-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t wants to commit to monthly payments to foreign fossil fuel players in bid to boost production\" \/>\n<meta property=\"og:description\" content=\"Good morning, everyone. 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The government plans to launch a new global tender for oil and gas exploration before June, Bloomberg Asharq reported Oil Minister Tarek El Molla as saying during a press conference yesterday. No further details were disclosed on\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581438,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/conference-report-flatish-lng-exports-to-eu-dana-gas-to-commit-more-to-egypt-greenifying-the-petroleum-industry\/","url_meta":{"origin":640644,"position":1},"title":"Conference report: Flat(ish) LNG exports to EU, Dana Gas to commit more to Egypt + greenifying the petroleum industry","author":"enterpriseam admin","date":"14 February 2023","format":false,"excerpt":"The EU doesn\u2019t expect to import more LNG from Egypt this year: Last year\u2019sagreement to boost natural gas exports to the EU from Israel and Egypt will allow Cairo to \u201ckeep the relatively high volumes of LNG that it delivered to Europe last year,\u201d EU Energy Commissioner Kadri Simson told\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EGYPS-2023-2.13.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597497,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/egypts-current-account-deficit-to-continue-to-widen-as-trade-balance-deteriorates-fitch\/","url_meta":{"origin":640644,"position":2},"title":"Egypt\u2019s current account deficit to continue to widen as trade balance deteriorates -Fitch","author":"enterpriseam admin","date":"29 July 2019","format":false,"excerpt":"We may be close to finishing the IMF program, but our trade balance isn\u2019t looking much better: Egypt\u2019s current account deficit will continue to widen over the coming quarters as the country\u2019s trade balance deteriorates, Fitch Solutions says in a new report. The report forecasts the deficit increasing to 2.8%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/this-evening-denmarks-cimbria-to-build-wheat-silo-complex-in-port-said-german-company-acquires-stake-in-ekh-subsidiary-eu-wants-to-cut-off-russian-oil-in-five-years\/","url_meta":{"origin":640644,"position":3},"title":"THIS EVENING: Denmark\u2019s Cimbria to build wheat silo complex in Port Said + German company acquires stake in EKH subsidiary + EU wants to cut off Russian oil in five years","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"Good afternoon, wonderful people, and welcome to that time of the week when we can almost smell the weekend.THE BIG STORIES TODAY #1- Denmark\u2019s Cimbria is building a wheat silo complex in Port Said with a capacity of 100k tons in a bid to \u201csecure food storage\u201d in Egypt, according\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549439,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/18\/egypt-wants-usd-7-7-8-bn-oil-gas-fdi-this-fiscal-year\/","url_meta":{"origin":640644,"position":4},"title":"Egypt wants USD 7.7-8 bn oil + gas FDI this fiscal year","author":"enterpriseam admin","date":"18 September 2022","format":false,"excerpt":"Egypt wants to attract USD 7.7-8 bn in foreign investment into the oil and gas sector in the current fiscal year, Oil Minister Tarek El Molla told Bloomberg Asharq. This would raise the proportion of foreign investment in the sector to 40% from 35%, the minister said. Foreign companies invested\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657228,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/oil-ministry-wants-to-see-gas-production-rise-by-400-500-mn-cubic-feet-per-day-by-march\/","url_meta":{"origin":640644,"position":5},"title":"Oil Ministry wants to see gas production rise by 400-500 mn cubic feet per day by March","author":"enterpriseam admin","date":"17 December 2024","format":false,"excerpt":"Egypt currently produces 4.3 bn cubic feet per day","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1190.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640644","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=640644"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640644\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640645"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640644"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640644"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}