{"id":700721,"date":"2026-05-10T00:00:00","date_gmt":"2026-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=700721"},"modified":"2026-05-10T02:53:16","modified_gmt":"2026-05-10T02:53:16","slug":"energy-giants-pledge-usd-19-bn-to-our-petroleum-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/energy-giants-pledge-usd-19-bn-to-our-petroleum-sector\/","title":{"rendered":"Energy giants pledge USD 19 bn to our petroleum sector"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We\u2019re back from the extended holiday with an issue packed with positive headlines. The World Bank just signed off on USD 1 bn in concessional financing<\/strong> under the second phase of its Growth program, tied to structural reforms. <\/p>\n

We have welcome news for our wallets \u2014 inflation has cooled.<\/strong> April\u2019s urban print shows the first decline in three months. <\/p>\n

ALSO- <\/strong>We have a tax package heading to the House<\/strong> that kills the EGX capital gains tax, USD 19 bn in commitments from the oil and gas majors<\/strong>, and commodities trader Trafigura sinking investments <\/strong>into the Naga Hammadi smelter. <\/p>\n

We haven\u2019t had a morning this dense with good news in some time. Let\u2019s dive right in.<\/p>\n

***<\/strong><\/p>\n

Got a few minutes to spare? We\u2019d love to hear from you.<\/strong> Morning Drive has been up and running for about seven months, and we think it\u2019s time for a quick check-in. We\u2019ve put together a few questions that will help guide us as we grow to become a vital part of your morning routine. So, whether you\u2019re a longtime listener, you\u2019ve only just heard us, or you\u2019re somewhere in between, please spare a few minutes to fill out this survey<\/a>. AND \u2014 here\u2019s today\u2019s episode<\/a>.***<\/strong><\/p>\n

Debt down, rigs up<\/p>\n

<\/a> Global energy giants have pledged to pour USD 19 bn into our <\/strong>petroleum sector over the next three years<\/strong>, according to a statement<\/a> from Prime Minister Mostafa Madbouly. This fresh wave of FDI will be deployed across new exploration, drilling, and production programs, giving a much-needed jolt to our domestic energy supplies.<\/p>\n

This influx of FDI arrives after the government <\/strong>slashed arrears owed to foreign energy firms<\/a><\/strong> from USD 6.1 bn to just USD 714 mn<\/strong>, with a strict mandate to clear the rest by June 2026 \u2014 this new wave indicates the strategy is working.<\/p>\n

Who is writing the checks?<\/strong> Italy\u2019s Eni is leading the pack with a USD 8 bn commitment, followed by British Petroleum (USD 5 bn), the US\u2019 Apache (USD 4 bn), and the UAE\u2019s Archios (USD 2 bn). <\/p>\n

\n

Keeping it fresh<\/p>\n

<\/a> US agribusiness firm Blumberg Grain is narrowing <\/strong>down the site for its USD 500 mn regional food security hub<\/strong>, with a final decision between East Port Said and Abu Qir expected by June, Al Arabiya<\/a> reports, citing unnamed sources. The facility is designed to serve as the company\u2019s central operational launchpad for the Middle East and East Africa, featuring cold-chain terminals, agricultural greenhouses, and specialized storage.<\/p>\n

IN CONTEXT- <\/strong>Since late 2025<\/a>, the gov\u2019t has been working to transform East Port Said port into a large grain storage and distribution center to secure domestic food supply and tap into wider regional markets. Plans also include expanding into food processing and integrating Egypt\u2019s grain networks with Arab and African markets.<\/p>\n

ICYMI<\/strong>-<\/strong> The potential investment follows a meeting in December<\/a> between Blumberg CEO Philip Blumberg and Investment Minister Hassan El Khatib, where the government pitched the firm on managing infrastructure for the state\u2019s New Delta agricultural megaproject under a public-private partnership. Blumberg also met with other state officials to explore parallel cold-storage investments in the pharma sector.<\/p>\n

What\u2019s next: <\/strong>A company delegation is expected back in Cairo this June to finalize regulatory groundwork and sign the contracts.<\/p>\n

\n

Fixing the neighbour\u2019s gas pipes<\/p>\n

<\/a> Egyptian-Jordanian JV<\/strong> Technical Gas Services (TGS) is stepping <\/strong>in to<\/strong> overhaul the<\/strong> Lebanese segment of the Arab Gas Pipeline<\/strong>, according to a ministry statement<\/a>. Under the agreement, the Oil Ministry and its Lebanese counterpart will repair around 30 km of 24-inch pipe and upgrade metering stations and power plant connections.<\/p>\n

Why it matters:<\/strong> This is the technical follow-through needed to make good on our December<\/a>agreement<\/a> to supply Lebanon\u2019s Deir Ammar Power Plant with natural gas. While we started pumping gas to Lebanon and Syria back in January<\/a>, the aging Lebanese domestic network has slowed down distribution. Deploying TGS to modernize these lines ensures the local infrastructure can handle the flows needed to stabilize the country\u2019s energy supply.<\/p>\n

\n

The price of staying connected <\/p>\n

The National Tel<\/strong>ecom Regulatory Authority (NTRA) has approved a 9-15% <\/strong>hike to the price of telecom services<\/strong> after repeated calls from service providers for a price adjustment, according to a statement<\/a>. There is one caveat \u2014 mobile operators must offer new packages to offset the impact on lower-income users, including a minimum home internet package of EGP 150 (down from EGP 210) a month, as well as mobile data starting at EGP 5 (down from EGP 13).<\/p>\n

Why it matters:<\/strong>Telecom operators have been lobbying for a price adjustment for months, citing the soaring costs of electricity, fuel (for powering cell towers), and the FX-heavy cost of imported network hardware and microchips. With landline data usage surging 36% over the past year, the NTRA is allowing service providers to recalibrate their margins to fund infrastructure upgrades while ensuring that essential state services remain digitally accessible to all users regardless of their balance.<\/p>\n

Your minutes aren\u2019t getting any more expensive.<\/strong> The price hike only applies to select data and service bundles \u2014 the regulator confirmed that the price of voice minutes for both landline and mobile will remain unchanged.<\/p>\n

Direct-payment subsidies, take two<\/p>\n

The government has confirmed the transition to a <\/strong>direct-payment <\/strong>subsidy system <\/strong>will start in FY 2026\/27<\/strong>, Prime Minister Moustafa Madbouly said during a press conference last week (watch, runtime: 0:22<\/a>). The transition will replace the physical distribution of bread and oil with targeted digital transfers. More details on the exact mechanics of the rollout will be revealed soon, according to the statement.<\/p>\n

Why it matters:<\/strong> Swapping in-kind commodities to direct payment is the state\u2019s primary strategy for slashing the waste and leakage<\/a> inherent in the traditional ration card system. The move was initially pushed back by a year<\/a> following recommendations from the National Dialogue to let inflation cool. The shift aims to make sure support reaches the most vulnerable while shrinking the fiscal burden of the state\u2019s massive supply chain.<\/p>\n

\n

Happening today<\/p>\n

Macron wraps u<\/strong>p visit: <\/strong>French President Emmanuel Macron is expected to depart Egypt today, wrapping up a diplomatic visit highlighted by a meeting<\/a> with President Abdel Fattah El Sisi. The two heads of state attended the inauguration of Senghor University\u2019s headquarters in New Borg El Arab and held discussions on regional geopolitics.The trip is part of a wider Africa tour that will see Macron visit Kenya and Ethiopia.<\/p>\n

\n

PSA-<\/p>\n

WEATHER- <\/strong>We\u2019re in for a warm day in Cairo today, with a high of 33\u00b0C and a low of 19\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more moderate in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 18\u00b0C.<\/p>\n

\n

\n

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

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.<\/strong><\/p>\n

The most important business stories in MENA aren\u2019t happening inside MENA anymore<\/strong> \u2014 they\u2019re happening at the edges, where regional capital meets global ambition.<\/p>\n

EnterpriseAM MENA+ is our new flagship newsletter<\/strong>, built to cover the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.<\/p>\n

Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.<\/p>\n

\n

\n

\n

The big story abroad <\/p>\n

Global headlines<\/strong> are a<\/strong>buzz with geopolitical updates from around the world. <\/strong>After reports of US-Iran clashes on Friday, the situation in the Strait of Hormuz appeared to reach relative calm<\/a> as of yesterday, while Washington awaits Tehran\u2019s response to its latest proposals. A Qatari LNG vessel is attempting to transit the waterway in what sources characterize as Tehran\u2019s bid to build confidence with mediators in Doha and Islamabad. <\/p>\n

Meanwhile, the world\u2019s <\/strong>oil inventory is shrinking<\/a><\/strong>, with one estimate placing the drop at roughly 4.8 mn bbl \/ d between March and April. As the global economy is forced to draw increasingly from its security buffers, the risk of more volatile price fluctuations and severe supply shortages rises.<\/p>\n

Over in the UK, Prime Minister Keir Starmer <\/strong>declared<\/a><\/strong> he plans to stay in office<\/strong> following calls for his removal after the Labor Party\u2019s dire performance in local elections \u2014 the worst results by a governing party in decades. Right-wing party Reform UK and Welsh nationalist party Plaid Cymru made notable gains<\/a> at Labor\u2019s expense in key areas.<\/p>\n

Brazil\u2019s IPO dry spell is over:<\/strong> Energy player Compass sold around USD 655 mn in shares<\/a> in Brazil\u2019s first landmark listing in nearly five years. The ongoing regional conflict, which shot up crude prices, prompted foreign investors to pump funds in the oil exporter, as well as other energy heavyweights.<\/p>\n

Another virus outbreak on the brink? <\/strong>World Health Organization officials are working to contain a hantavirus outbreak<\/a> reported on a cruise ship carrying around 150 passengers. The vessel is due to arrive at Spain\u2019s Tenerife island today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We\u2019re back from the extended holiday with an issue packed with positive headlines. The World Bank just signed off on USD 1 bn in concessional financing under the second phase of its Growth program, tied to structural reforms. We have welcome news for our wallets \u2014 inflation has cooled. 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