Eni wants to go big on LNG, and that’s good for Egypt
Eni wants Italy to go big on LNG: Italy must boost its LNG import capacity starting 2023 to be able to receive more imports, Eni’s CEO Claudio Descalzi said yesterday, according to Reuters. Eni is planning to work with Egypt and others to boost its LNG export capacity but according to Descalzi Italy does not yet have enough terminals to receive extra volumes.
Italy really needs the fuel: Italy is heavily reliant on Russian fossil fuels, last year sourcing almost three-quarters of its imported gas from Russia. Italy has begun importing more gas from Algeria and Norway in response to Gazprom curbing gas flows and is urgently looking for new supplies to fully transition away from Russian gas. This is going to take another 2-3 years, according to Descalzi, who said the company will be able to replace 100% of Russian gas by 2024-2025.
The impact of the EU’s embargo on Russian oil? Russian oil production will fall 17% — equal to around 1.9 mn barrels a day — compared to pre-war levels once the EU’s embargo on Russian oil and petroleum products is fully in place in February, according to a report from the International Energy Agency.
CLOSER TO HOME- Dubai is thinking about bumping up the size of state-owned road toll operator Salik’s IPO after investors covered all 1.5 bn shares on the first day, Bloomberg reports. The government could now offer 1.875 bn shares (equivalent to a 25% stake) to investors, people familiar with the matter told the business newswire.
ALSO IN PLANET FINANCE-
- South Korean watchdog slaps Google, Meta with mns in fines over privacy violations: The tech giants were fined a combined KRW 100 bn (USD 72 mn) for unlawfully tracking users’ online behavior to show them targeted ads. (Reuters | AP)
- UK inflation unexpectedly fell for the first time in almost a year in August on the back of lower fuel prices. Economists polled by Reuters had expected a slight increase, but warned that the reprieve would likely be short-lived, with inflation set to peak at some 11% in October. (ONS, pdf)
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EGX30 |
10,194 |
-2.0% (YTD: -14.7%) |
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USD (CBE) |
Buy 19.33 |
Sell 19.44 |
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USD at CIB |
Buy 19.36 |
Sell 19.42 |
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Interest rates CBE |
11.25% deposit |
12.25% lending |
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Tadawul |
11,893 |
-1.6% (YTD: +5.4%) |
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ADX |
9,969 |
-0.2% (YTD: +17.4%) |
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DFM |
3,431 |
-0.8% (YTD: +7.4%) |
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S&P 500 |
3,946 |
+0.3% (YTD: -17.2%) |
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FTSE 100 |
7,277 |
-1.5% (YTD: -1.5%) |
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Euro Stoxx 50 |
3,568 |
-0.5% (YTD: -17.0%) |
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Brent crude |
USD 94.69 |
+1.6% |
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Natural gas (Nymex) |
USD 9.11 |
+10.0% |
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Gold |
USD 1,709.10 |
-0.5% |
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BTC |
USD 20,223 |
+0.4% (YTD: -56.8%) |
THE CLOSING BELL-
The EGX30 fell 2.0% at yesterday’s close on turnover of EGP 1.59 bn (41.3% above the 90-day average). Local investors were net buyers. The index is down 14.7% YTD.
In the green: Rameda (+1.5%) and Eastern Company (+0.4%).
In the red: Abu Qir Fertilizers (-6.1%), Fawry (-5.4%) and Heliopolis Housing (-4.2%).