Back to the complete issue
Tuesday, 22 November 2022

Qatar + China just agreed one of the biggest LNG deals in history

Qatar + China just agreed one of the biggest LNG deals in history: Qatar agreed a long-term LNG supply agreement with China worth USD 60 bn, Bloomberg reports. Announced by the companies yesterday, the pact will see Qatar Energy ship 4 mn tons of LNG every year to China’s Sinopec for 27 years starting 2026. This is one of the world’s largest LNG deal ever, and is both China’s longest supply agreement and its biggest by volume, according to the business news outlet.

Down

EGX30

12,450

-0.6% (YTD: +4.2%)

Up

USD (CBE)

Buy 24.48

Sell 24.57

Up

USD at CIB

Buy 24.49

Sell 24.55

None

Interest rates CBE

13.25% deposit

14.25% lending

Down

Tadawul

10,931

-1.1% (YTD: -3.1%)

Down

ADX

10,399

-0.6% (YTD: +22.5%)

Down

DFM

3,339

-0.4% (YTD: +4.4%)

Down

S&P 500

3,950

-0.4% (YTD: -17.1%)

Down

FTSE 100

7,377

-0.1% (YTD: -0.1%)

Down

Euro Stoxx 50

3,909

-0.4% (YTD: -9.1%)

Up

Brent crude

USD 87.67

+0.1%

Up

Natural gas (Nymex)

USD 6.70

+6.3%

Down

Gold

USD 1,754.60

-0.8%

Down

BTC

USD 15,633

-4.0% (YTD: -65.8%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 1.76 bn (32.5% above the 90-day average). Local investors were net buyers. The index is up 4.2% YTD.

In the green: Orascom Construction (+3.5%), Abu Qir Fertilizers (+3.2%) and Telecom Egypt (+2.1%).

In the red: Eastern Company (-7.5%), Rameda Pharma (-3.6%) and CIRA (-3.3%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.