It’s unfortunately only Monday, ladies and gentlemen, but we’re hoping the rest of the week will go by a bit faster than the first two days have. Not helping matters: It’s a rather slow afternoon on the homefront so far, with no massive news stories to bring your attention to.

*** SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:20pm CLT this evening in the capital city, and fajr prayers are at 4:03am.

THE BIG STORY TODAY

The EU could trigger a bout of volatility in global oil markets as it considers imposing an embargo on Russian oil embargo soon. EU officials are “now working on ensuring that oil is part of the next sanctions package,” Irish Foreign Minister Simon Coveney told Reuters. Russian oil makes up about a quarter of the EU’s crude imports, which is “contributing to financing this war. We need to cut off that financing … the sooner that can happen the better,” Coveney added. The European Parliament passed a non-binding vote in favor of an embargo last week. If Western countries impose a “real embargo” on Russian energy, the war could end “within a month or two,” Andrei Illarionov, former chief economic adviser to President Vladimir Putin told the BBC. Oil and gas revenues made up 36% of the Russian government’s spending last year.

On the upside, this could be good news for the environment: The move could help the EU set more ambitious goals for its transition to renewable energy as it looks for Russian oil alternatives, EU climate policy chief Frans Timmermans said. The European Commission is now working on proposing a “Repower EU” initiative that would push for a higher percentage of renewable energy for 2030, Timmermans said. The EU’s current plan is to raise renewable energy consumption to 40% by 2030.

It could also be a boon for Egypt’s LNG exports: That push towards alternatives could also open up a window for the EU to import more liquefied natural gas (LNG) from Egypt as part of the bloc’s accelerated transition towards cleaner energy sources. This comes as EU Executive Vice-President Frans Timmermans is in town, telling Prime Minister Moustafa Madbouly yesterday that the EU is looking to ramp up its imports of LNG from Egypt in the short term.

THE BIG STORY AT HOME

Arab African International Leasing (AAIL) is planning to take a EGP 500-600 mn securitized bond issuance by the end of 2023, AAIL Chairman Mahmoud El Sakka told Enterprise, confirming a story in Al Mal. AAIL is also looking to add factoring to its portfolio of services, after landing approval from the Financial Regulatory Authority.

^^We’ll have more on this and other stories in tomorrow’s EnterpriseAM.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• EU + Egypt talk boosting our LNG exports + green hydrogen ahead of COP27: The EU is looking to up its imports of liquefied natural gas (LNG) from Egypt in the short term — and contribute to building a local green hydrogen production facility in the long term, EU Executive Vice-President Frans Timmermans said in meetings with top government officials.
• Algebra lands USD 15 mn from IFC for new fund: The International Finance Corporation (IFC) has confirmed that it will pour USD 15 mn into Algebra Ventures’ USD 90 mn second tech fund.
• Pharaohs are getting a new coach tomorrow: The Egyptian Football Association is voting on the replacement for Egypt’s national team coach and manager Carlos Queiroz tomorrow, with former players Hossam Hassan and Ehab Galal both in the running.

???? CIRCLE YOUR CALENDAR-

Companies have just ten days to file their first quarterly ESG compliance report: Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) announced last week. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. Reach out to Moustafa Taalab at InkankIR, our parent company, if you need some help.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 26°C tomorrow and a nighttime low of 11°C, our favorite weather app tells us.