{"id":656627,"date":"2024-12-08T00:00:00","date_gmt":"2024-12-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/08\/abu-qir-fertizers-looks-to-green-hydrogen-to-help-power-ammonia-plant-plus-exxon-mobil-instapay-egypt-post-abu-auf-ezz-elarab\/"},"modified":"2024-12-08T00:00:00","modified_gmt":"2024-12-08T00:00:00","slug":"abu-qir-fertizers-looks-to-green-hydrogen-to-help-power-ammonia-plant-plus-exxon-mobil-instapay-egypt-post-abu-auf-ezz-elarab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/08\/abu-qir-fertizers-looks-to-green-hydrogen-to-help-power-ammonia-plant-plus-exxon-mobil-instapay-egypt-post-abu-auf-ezz-elarab\/","title":{"rendered":"Abu Qir Fertizers\u2019 looks to green hydrogen to help power ammonia plant. PLUS: Exxon Mobil, Instapay, Egypt Post, Abu Auf, Ezz Elarab,"},"content":{"rendered":"

ENERGY-<\/p>\n

#1 Abu Qir Fertilizers looks to green hydrogen blending to secure supplies and improve <\/strong>green credentials ahead of CBAM: <\/strong>EGX-listed fertilizer manufacturing giant Abu Qir Fertilizers has decided to replace part of the natural gas used in its ammonia production facility with 50 tons a day of green hydrogen, according to an EGX disclosure (pdf)<\/a>. The 12-month project is also expected to up production 100 tons to 1.2k tons a day. The company\u2019s board also greenlit a steam optimization system for the plant to reduce gas consumption 2-4% and stabilize energy input.<\/p>\n

Sound smart: <\/strong>Green hydrogen blending involves mixing hydrogen produced from clean energy sources \u2014 think wind, power, and hydro \u2014 with natural gas in mostly existing infrastructure to power individual projects or even an entire national grid. It presents an attractive way to diversify and greenify a company or country\u2019s energy mix that is both gradual and with little up-front costs as it makes use of existing infrastructure. As a clean fuel source, the more green hydrogen sent through the pipes means less emissions as it reduces the amount of natural gas in the mix.<\/p>\n

**We did a deep dive into the promise and challenges of green hydrogen blending in a <\/strong>recent two-part Hardhat. <\/strong>You can check out part I here<\/a> and part II here<\/a>.<\/p>\n

\n

#2- Exxon Mobil to begin drilling new exploration well in the Mediterranean:<\/strong> US energy giant Exxon Mobil will start drilling a new offshore gas exploration well in the North Marakia concession in the western Mediterranean on 15 December, according to a statement<\/a> from the Oil Ministry. The company is looking to expand its presence in Egypt\u2019s exploration and field development sectors. <\/p>\n

REMITTANCES-<\/p>\n

The CBE greenlights receiving remittances via Instapay:<\/strong> The CBE gave the green light to a number of banks to start accepting Egypt-bound remittances from abroad through the central bank\u2019s payment platform Instapay, the bank said in a statement (pdf)<\/a>. The move comes as part of \u201cefforts to strengthen the infrastructure of electronic financial services, promote digital transformation, and contribute to transitioning toward a less cash-dependent society,\u201d the statement reads. <\/p>\n

Remember:<\/strong> Egyptians abroad have started sending<\/a> more of their remittances through official channels after the float of the EGP put an end to the parallel market that had pushed remittance flows through unofficial channels. Total remittances during the first nine months of the year hit USD 20.8 bn<\/a>, up over 40% y-o-y from the USD 14.6 bn recorded during the same period last year. Remittances are an important source of FX for the country and the state is working to increase flows<\/a> by 10% each year to reach USD 53 bn by 2030.<\/p>\n

M&A-<\/p>\n

Egypt Post acquired EGP 8.9 bn in shares owned by the <\/strong>National Investment Bank<\/strong> in <\/strong>seven EGX-listed companies<\/strong>, Asharq Business<\/a> reports citing an informed government source. The move comes as a part of disentanglement protocol that would see the bank and the postal authority resolve overlapping financial obligations and streamline operations. <\/p>\n

The companies<\/strong>: The shares were purchased from Eastern Tobacco, Abu Qir Fertilizers, Alexandria Container and Cargo Handelling, Mobaco, Egyptian Kuwaiti Holding, Alexandria Mineral Oils Company (AMOC), and Sidi Kerir Petrochemicals (Sidpec)<\/p>\n

HOSPITALITY-<\/p>\n

Egyptian hotel chain<\/strong>Sunrise Resorts & Cruises<\/a><\/strong> is out of the Samih Sawaris-led bid to<\/strong> acquire and revive Societe D'am\u00e9nagement D'essaouira Mogador<\/strong> (SAEMOG), which owns a the Mogador resort in Morocco's Essaouira that has been earmarked for a AED 4 bn redevelopment<\/a> by the consortium, according to a disclosure on the Moroccan Competition Authority<\/a> \u2019s website announcing the purchase. Remaining in the consortium are Sawiris, along with Emirati investment company <\/a>Al Nowais<\/a> and Eastern Investment, with the purchase made through Orascom Investments.<\/p>\n

EXPANSION-<\/p>\n

Abu Auf eyes expansion into KSA and new domestic investments:<\/strong> Local food manufactured and chain Abu Auf is set to open its first two branches in Saudi Arabia by mid-2025 at a cost of USD 1 mn, CEO Ahmed Auf told EnterpriseAM. Domestically, the company plans to invest EGP 150 mn to expand to 410 branches and increase its coffee production capacity by 50% to 9k tons next year.<\/p>\n

Abu Auf is also weighing an entry into the snack market,<\/strong> either through acquisitions or new investments, Auf noted. On the export front, the company plans to triple annual revenues to USD 50 mn by 2028, with new market expansions into Libya, Oman, Qatar, and Kuwait next year.<\/p>\n

MINING-<\/p>\n

Oil Minister Karim Badawi called on gold mining companies to take part in upcoming <\/strong>exploration tenders penciled in for 1Q 2025 <\/strong>during his involvement in the British Egyptian Business Association's mission to the United Kingdom. One of these meetings with officials with Canadian mining company Barrick Gold saw the two sides ink an agreement<\/a> for it to invest in and obtain areas to mine gold once it receives the necessary approvals. The Egyptian Mineral Resources Authority and AngloGold Ashanti also signed<\/a> a draft gold exploration agreement with AngloGold Ashanti.<\/p>\n

Remember:<\/strong> Egypt had been reportedly planning to launch a global tender for gold mining<\/a> and exploration at around 200 sites in the Eastern Desert by the end of the year, expected to kick off once the House approves the pending contract for Centamin and Barrick Gold\u2019s mineral exploitation areas in the Eastern Desert. <\/p>\n

AUTOMOTIVE-<\/p>\n

Ezz Elarab launches new electric Volvo model and service center:<\/strong> Ezz Elarab Group has launched the Volvo EX30 electric SUV in Egypt, in addition to plans to inaugurate a USD 3.5 mn service center tailored for EVs and plans to open a certified used Volvo car showroom next year., Al Borsa<\/a> reports.<\/p>\n

CUSTOMS-<\/p>\n

Egypt, Saudi Arabia sign customs agreement:<\/strong> Egyptian Customs Authority (ECA) and Saudi Zakat, Tax and Customs Authority signed a mutual recognition agreement for the Authorized Economic Operator (AEO) program, according to an ECA statement<\/a>. The program is set to enhance economic cooperation with countries trading with Egypt. The agreement will streamline customs procedures, reduce costs, and boost trade with Saudi Arabia, by granting certified operators benefits like priority customs clearance and lower fees.<\/p>\n

There\u2019s more to come:<\/strong> The ECA will sign a similar agreement with Bahrain\u2019s customs authority soon. There are also other discussions ongoing with international trade partners to implement the AEO program in international markets. <\/p>\n","protected":false},"excerpt":{"rendered":"

The 12-month project is also expected to up production 100 tons to 1.2k tons a day<\/p>\n","protected":false},"author":1,"featured_media":656628,"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":[1709,548,111,144,204,309,159,93,72,254,955,1458,125,7128,373,316,2396,151,69,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-auf","tag-abu-qir-fertilizers","tag-also-on-our-radar","tag-automotive","tag-banking","tag-customs","tag-egypt-post","tag-energy","tag-enterpriseam","tag-green-hydrogen","tag-hospitality","tag-instapay","tag-investment-watch","tag-ma-watch","tag-mining","tag-morocco","tag-remittances","tag-renewables","tag-tax","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"9119be50-1b01-40b5-a340-4b20cf3bfb45","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1267.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Qir Fertizers\u2019 looks to green hydrogen to help power ammonia plant. 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