{"id":653758,"date":"2024-10-22T00:00:00","date_gmt":"2024-10-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/22\/egypt-will-lead-the-international-gas-union-from-2028-to-2031-plus-news-from-apache-atlas-raya-distribution-air-arabia\/"},"modified":"2024-10-22T00:00:00","modified_gmt":"2024-10-22T00:00:00","slug":"egypt-will-lead-the-international-gas-union-from-2028-to-2031-plus-news-from-apache-atlas-raya-distribution-air-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/22\/egypt-will-lead-the-international-gas-union-from-2028-to-2031-plus-news-from-apache-atlas-raya-distribution-air-arabia\/","title":{"rendered":"Egypt will lead the International Gas Union from 2028 to 2031. PLUS: News from Apache, Atlas, Raya Distribution, Air Arabia"},"content":{"rendered":"

ENERGY-<\/p>\n

#1- Egypt to lead key global gas organization starting in 2028:<\/strong> Egypt has been chosen to lead the International Gas Union (IGU)<\/a> for a three-year term starting 2028, after assuming the vice presidency between 2025 and 2028, according to a press release (pdf)<\/a>. Taqa Arabia and Egyptian Gas Association chairman Khaled Abu Bakr will represent Egypt in the new position, which will also see Egypt host the World Gas Conference in 2031.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

What can we expect from an Egypt-led IGU? <\/strong>\u201cOur future vision for the energy sector is centered on three main objectives: strengthening energy security by enhancing gas infrastructure in underserved areas, ensuring affordability by bolstering the industry\u2019s resilience to price volatility, and advancing sustainability through enabling investments in green hydrogen, e-methanol, and greener fuels to lower emissions,\u201d Abu Bakr said.<\/p>\n

\n

\n

#2- Apache to expand production in Egypt:<\/strong> US oil producer Apache plans to increase its daily natural gas production 11% to 500 mn cf and invest some USD 1.3 bn on its production of crude oil \u2014 through its JV with EGPC Khalda Petroleum \u2014 during the current fiscal year, an unnamed government source told Al Arabiya<\/a>. <\/p>\n

The how:<\/strong> Khalda Petroleum<\/a> plans to raise crude oil and condensate production by 5% to 145k barrels a day. Khalda is also planning to invest in a new drilling rig for its Abu Gharadig field in the Western Desert field this November, as part of its drive to maximize production.<\/p>\n

We saw this coming:<\/strong> We got wind back in July<\/a> that the company was planning to expand production in the coming period in light of \u201cthe availability of ample opportunities for new discoveries.\u201d Apache had planned to invest USD 1.4 bn on exploration and production in Egypt in 2024<\/a> as part of a wider plan to spend USD 3.5 bn here by 2027.<\/p>\n

\n

M&A- <\/p>\n

#1- Atlas taps financial advisor as it mulls Amoun\u2019s MTO: <\/strong>Atlas For Investment and Food Industries has tapped financial consultancy Eagle Advisors as independent financial advisor, following Amoun for Real Estate and Tourism Development\u2019s mandatory tender offer to acquire 65.59% of Atlas<\/a>, the company said in an EGX disclosure (pdf)<\/a>. Eagle Advisors is expected to present its valuation report at least five working days before the offer expire<\/a>s<\/a> on Tuesday, 12 November.<\/p>\n

Remember:<\/strong> Amoun has offered to purchase around 427.2 mn of Atlas\u2019 shares for EGP 0.78 a piece, putting the transaction\u2019s value at EGP 333.22 mn by our math. <\/p>\n

\n

\n

#2- GTEX offloads its stake in Baird Group:<\/strong> GTEX Holding\u2019s board has approved the sale of its 98.15% stake<\/a> in UK menswear retail subsidiary Baird Group to Romani Ventures, owned by Concrete Fashion Group CEO Alaa Arafa, for USD 1.5 mn, according to an EGX disclosure (pdf)<\/a>. <\/p>\n

LOGISTICS-<\/p>\n

#1- Land shipping rates up 20% following fuel prices rise:<\/strong> A number of land freight service providers raised shipping rates by 20% over the weekend in line with the recent fuel price hike<\/a>, Al Mal<\/a> reports. <\/p>\n

Transportation and logistics platforms are also adjusting their fees<\/strong>, with Al<\/a>Mal<\/a> reporting that a number of sector companies are preparing to hike prices 7-10% across the board to preserve profit margins.<\/p>\n

\n

\n

#2- <\/strong>Gov\u2019t plans to set up a cargo city:<\/strong> The government is planning to establish a cargo city \u2014 dubbed Cairo Cargo City \u2014 that will double the volume of goods transported, Civil Aviation Minister Sameh Elhefny said, according to Asharq Business<\/a>. <\/p>\n

Remember:<\/strong> Chinese state-owned construction firm and China Energy subsidiary Gezhouba Group proposed<\/a> establishing a \u201clogistics cargo city\u201d at Cairo International Airport during a meeting with the Aviation Ministry in September.<\/p>\n

\n

PRIVATIZATION- <\/p>\n

Gov\u2019t to appoint investment bank to manage the sale of Sinai Manganese:<\/strong> Chemical Industries Holding Company (CIHC) is reportedly looking to appoint an investment bank to manage the listing of Sinai Manganese, Al Borsa<\/a> reports, citing unnamed sources. Four banks have already expressed interest in managing the sale and the company should decide on one in 1Q 2025. The jury remains out on whether Sinai Manganese will be listed on the EGX or if it will be sold to a strategic investor instead. <\/p>\n

Remember:<\/strong> Several local and international investors were reportedly looking to grab a stake<\/a> in the state-owned company, which was being shopped around by the Sovereign Fund of Egypt ahead of the sale.<\/p>\n

\n

AVIATION-<\/p>\n

A new route connecting Egypt and Kuwait: <\/strong>Emirati Air Arabia<\/a> subsidiary Air Arabia Egypt is set to launch thrice-weekly direct flights between Cairo and Kuwait City starting 14 January, the airline said in a statement<\/a> <\/p>\n

\n

RETAIL-<\/p>\n

Raya Distribution is now the sole distributor of Kenwood kitchen appliances:<\/strong> Raya Holding subsidiary Raya Distribution inked a partnership agreement with Italian appliance company De'Longhi Group<\/a> \u2014 the owner of the De'Longhi, Kenwood, and Braun brands \u2014 to become the exclusive agent and official distributor for Kenwood\u2019s built-in kitchen appliances in Egypt, according to a company statement (pdf)<\/a>.<\/p>\n

\n

DEBT-<\/p>\n

ECHEM is seeking USD 700 mn in financing:<\/strong> Egyptian Petrochemicals Holding Company (ECHEM) is looking to secure some USD 700 mn to finance its soda ash project<\/a>, a silicon production project, and its bioethanol production project in Damietta, two unnamed sources told Asharq Business<\/a>. <\/p>\n

Who\u2019s involved?<\/strong> The company reportedly plans to secure the funds from Emirates NBD, the National Bank of Kuwait, and Qatar National Bank, alongside the European Bank for Reconstruction and Development and Afreximbank.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt will host the World Gas Conference in 2031<\/p>\n","protected":false},"author":1,"featured_media":653759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7209],"tags":[111,915,8858,528,7106,1890,73,93,72,145,131,8857,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-apache","tag-atlas","tag-aviation","tag-debt","tag-echem","tag-education","tag-energy","tag-enterpriseam","tag-logistics","tag-manufacturing","tag-raya-distribution","tag-retail","wpautop","entry"],"acf":{"mongo_id":"e4a3e9d9-a795-4882-908c-603c78991bfb","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/254.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt will lead the International Gas Union from 2028 to 2031","related_issue":[653738],"teaser":"Egypt will host the World Gas Conference in 2031","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.d6d81308-d36b-4380-bc3e-e362586c9642.mp3"},"yoast_head":"\nEgypt will lead the International Gas Union from 2028 to 2031. 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