Good afternoon, friends, and happy almost-THURSDAY. It’s another busy news day on the home and international fronts.

THE BIG STORY TODAY

Shell subsidiary BG Egypt is acquiring a 100% stake in ExxonMobil’s North East El Amriya offshore block, according to a press release (pdf) from Shell. BG will become the sole operator of the block once the acquisition is complete. It plans to begin drilling the first well during 1H2023.

^^We’ll have more on this story and others in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD

It’s official: Finland and Sweden handed in formal applications to join NATO this morning. In a dramatic turn of events, Russia’s invasion of Ukraine has pushed the two countries to abandon their longtime military neutrality in a move that could reshape the European security architecture for decades to come. “This is a historic moment, which we must seize,” NATO Secretary-General Jens Stoltenberg said, according to Reuters. “I warmly welcome requests by Finland and Sweden to join NATO. You are our closest partners, and your membership in NATO will increase our shared security," he added.

But will Turkey block their bid? Turkish President Tayyip Erdogan has surprised the allies by saying he would not approve the two countries’ membership, in objection to them hosting members of groups deemed terrorists by Turkey — namely, the Kurdistan Workers’ Party (PKK). The potential enlargement needs to be unanimously approved by all 30 of NATO’s members, a process that could take up to a year.

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HAPPENING NOW-

The European Commission is about to unveil its EUR 210 bn plan to phase out Russian gas over the next four years by looking to other suppliers (like Egypt) and quickening its transition to green energy, Reuters reports, citing draft documents it has seen. The plan should outline where the EU plans to get its alternative fuel, whether from Egypt, Israel, or Nigeria, as well as the infrastructure needed to circumvent Russia, according to the newswire. The EU has been rethinking its reliance on Russian energy sources since its invasion of Ukraine, but some hurdles — including Hungary’s refusal to back the embargo — have left the phase-out plan’s fate uncertain.

Egypt has been in talks with the EU over increasing LNG imports for months now, and Italian energy firm Eni has already signed an agreement to boost Egyptian LNG exports to Europe by boosting its gas production here. We’re a strong option given our prime location just across the Med; our 2018 discovery of the largest gas field in the region; two operating liquefaction plants; and a pact to bring in Israeli gas from our neighbors’ massive offshore fields.

SEPARATELY- UN chief Antonio Guterres is expected to disclose later today his efforts to bring Ukrainian grain back to global markets after months of disruption due to the war, Reuters reports, citing UN officials. Guterres is reportedly in talks with Russia, Ukraine, Turkey, the US, and the EU to restore grain shipments from Ukraine and revive fertilizer exports from Russia and Belarus. Guterres is expected to discuss this at the Global Food Security Call to Action ministerial meeting hosted by US Secretary of State Antony Blinken later today. Blinken is also set to chair a Security Council meeting on conflict and food security tomorrow.

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

• The draft of the government’s ownership policy just leaked: The government intends to fully withdraw from as many as 79 industries over the next three years as part of plans to restructure the economy in favor of the private sector, according to a leaked draft of its state ownership policy.
• Software startup Instabug has raised USD 46 mn in series B funding to build a mobile observability and performance monitoring platform to help provide more complex insights into mobile bugs for app developers.
• Automobile manufacturer Stellantis is interested in assembling electric vehicles in Egypt and is considering establishing a factory to produce EVs for the local and overseas markets.

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FOR TOMORROW- The Central Bank of Egypt will likely raise interest rates when it meets tomorrow, according to a near consensus of analysts and economists we surveyed last week. Six of the seven respondents see the Monetary Policy Committee going ahead with a rate hike to combat inflation and stem portfolio outflows, with five forecasting rates to rise by up to 200 bps.

???? CIRCLE YOUR CALENDAR-

Work on the Grand Egyptian Museum will be fully complete by September: Construction of the long-awaited Grand Egyptian Museum (GEM) is set to finish by 30 June, the Tourism Ministry said earlier this week. Work on the interior of the EGP 20 bn museum will be finalized by the end of September, it added. It stopped short of naming an inauguration date, but a tourism official said last month that the GEM would launch in the fourth quarter of this year.

PSA: Tourism registration for Hajj has been extended: You can now register for this year’s Hajj through tourism companies until next Monday, 23 May, after the deadline was pushed from this Friday, 20 May, the Tourism Ministry said in a statement.

The Islamic Development Bank will hold its 2022 annual meetings in Sharm El Sheikh from 1-4 June under the slogan “post-pandemic recovery: resilience and sustainability,” according to a statement from the Planning Ministry. Several Egyptian ministries and representatives from the bank’s 57 member countries and other financial institutions are set to attend the meetings.

Venture capital 101: The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott on 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- It’ll be a warm day tomorrow, with the mercury forecasted to rise to 36°C during the day before falling to 23°C during the night, according to our favorite weather app.