Saudi Aramco plans to hike spending this year as it looks to ramp up oil and gas production in the coming years, the oil giant said in its latest earnings release yesterday. Rising oil prices last year helped Aramco stage a dramatic turnaround from 2020, with the company reporting yesterday that its net income more than doubled to USD 110 bn in 2021. The state-owned company said it will likely raise spending to USD 40-50 bn this year, up from USD 32 bn in 2021, helping it to increase its output of oil and gas, and develop its blue hydrogen production capacity.

Qatar to help Germany ease its reliance on Russian gas: Germany has reached a long-term deal to receive gas from Qatar to help end its reliance on Russian gas, which currently accounts for more than half its annual supply. A delegation of German energy industry representatives accompanied the German economy minister to Doha, and it will be up to individual companies to finalize detailed agreements with the Gulf state’s LNG firms. Bloomberg and the Financial Times have the story.

THE CLOSING BELL-

The EGX30 rose 2.3% at yesterday’s close on turnover of EGP 820 mn (11.6% below the 90-day average). Local investors were net buyers. The index is down 8.2% YTD.

In the green: Orascom Development Egypt (+8.8%), Rameda (+6.7%) and CIB (+3.9%).

In the red: Abu Dhabi Islamic Bank Egypt (-0.1%) and Egypt Kuwait Holding-EGP (-0.1%).

Asian markets are marginally in the green in early trading this morning and futures suggest that shares in Europe are in for a mixed open. Wall Street is on course to open in the red.