{"id":659322,"date":"2025-01-26T00:00:00","date_gmt":"2025-01-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/26\/egypt-could-sign-agreements-to-liquefy-cypriot-gas-as-early-as-next-month\/"},"modified":"2025-01-26T00:00:00","modified_gmt":"2025-01-26T00:00:00","slug":"egypt-could-sign-agreements-to-liquefy-cypriot-gas-as-early-as-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/26\/egypt-could-sign-agreements-to-liquefy-cypriot-gas-as-early-as-next-month\/","title":{"rendered":"Egypt could sign agreements to liquefy Cypriot gas as early as next month"},"content":{"rendered":"

Good morning, folks<\/strong>, and welcome to the last week of January. It\u2019s already been a pretty busy week for local business news, but it can always get busier \u2014 so let's jump in and see what the week brings.<\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another overcast day in Cairo today<\/strong>, with a high of 20\u00b0C, a low of 11\u00b0C, and a chance of light rain in the evening, according to our favorite weather app.<\/p>\n

It\u2019s likely to be a whole lot wetter in Alexandria<\/strong>, with a high of 18\u00b0C, a low of 11\u00b0C, along with moderate and sometimes thundery rain. It\u2019s also set to be a foggy morning along the country\u2019s northern shores, so be careful on the roads.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> Egypt could sign agreements next month to liquefy Cypriot gas in local facilities:<\/strong> French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreements to transport Cypriot gas to Egypt to be liquefied and exported, the AP<\/a> reports, citing unnamed officials. Cypriot President Nikos Christodoulides will visit Cairo on 17 February to oversee the signing of the agreements, he said in a post on X<\/a>.<\/p>\n

Where is the gas going? <\/strong>Gas coming from Cyprus\u2019 Cronos deposit will be exported to markets including Europe, while the future of gas coming from the Aphrodite field is still being discussed \u2014 gas from the field could be used to meet domestic demand or exported. <\/p>\n

Remember:<\/strong> Back in September<\/a>, the Oil Ministry reported that TotalEnergies wanted to supply gas from its fields in Cyprus to Egypt for liquefaction and re-export as LNG or to be fed directly into the grid. This followed news that Egypt and Cyprus were considering establishing an energy corridor<\/a> that would see Cyprus send natural gas to Egypt to be liquified and exported to global markets.<\/p>\n

SIGN OF THE TIMES- <\/p>\n

<\/a> Manufacturing<\/strong>, tourism, and CIT sectors were among the biggest contributors in GDP <\/strong>growth in 1Q 2024-2025<\/strong>, which recorded about 3.5%, up from 2.4% in 4Q FY 2023-2024, Finance Minister Ahmed Kouchouk said during a panel discussion about growth in the MENA region at the World Economic Forum in Davos last week, according to a ministry statement<\/a>. Our growth was aided by Egypt\u2019s financial policies, which have helped \u201cenhance the flexibility, stability, growth, and competitiveness of the Egyptian economy in the face of regional and global challenges,\u201d he added.<\/p>\n

Investments from Egypt\u2019s private sector made up more than <\/strong>63%<\/strong> of the total state <\/strong>investments during the first quarter, <\/strong>Kouchouk noted. Fostering an environment that empowers private sector-led growth was among the key requirements<\/a> of Egypt\u2019s USD 8 bn program with the International Monetary Fund.<\/p>\n

Global players have begun to take notice of changes to our policymaking:<\/strong> Goldman Sachs wrote<\/a> following its investor trip to Egypt at the end of last week that the new Madbouly government has injected \u201ca new sense of urgency\u201d to Egypt\u2019s policymaking, with a renewed focus on addressing the economy\u2019s low export base by encouraging private sector investment.<\/p>\n

IN THE HOUSE- <\/p>\n

MPs are reconv<\/strong>ening today after a two-week break<\/strong> to discuss and vote on three draft tax-related laws and the Criminal Procedures Law.<\/p>\n

<\/a> A simplified tax system for SMEs: <\/strong>Lawmakers will discuss and vote on a draft bill proposing that businesses with an annual turnover of up to EGP 15 mn will pay a simple flat tax \u2014 that starts at an annual EGP 1k and goes up to EGP 225k depending on how much they are making \u2014 that covers income tax, value-added tax, duty tax, and others. <\/p>\n

Speeding<\/strong> up tax return processing: <\/strong>MPs will also discuss a drafted bill to expedite the Egyptian Tax Authority\u2019s settling of tax disputes ahead of a move to a digital system.<\/p>\n

A second chance for those with late payments:<\/strong> Taxpayers who failed to submit their tax reports between 2020 and 2023 will be allowed to file them within a specific time frame without facing any penalties. Leniency for erroneous returns filed between 2020 and 2023, which can be corrected and refiled without penalty.<\/p>\n

MPs will also continue discussions on the 540-article Criminal Procedures Law<\/strong>, voting today on articles 172 to 209. <\/p>\n

AND- The House will review three foreign agreements including:<\/strong><\/p>\n