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First up, Egypt has fully awarded 20 cargoes in its biggest LNG tender in years, receiving bids from over 15 big players.
IN OTHER NEWS- On Thursday, Al Ahly Sabour’s chief told local press his company’s plans to make its public debut on the EGX within the next six- nine months. The company — which is eying EGP 200 billion in sales by year’s end— is currently in talks with potential IPO advisors for its listing.
SIDPEC turn lights back on following LNG injection
The Clap:
One of Egypt’s top fertilizer players — Sidi Kerir Petrochemicals (Sidpec) — has once again opened the doors to their plants, gradually beginning production after shuttering up for the second time this month following a shortage in gas feeds that saw other firms including Abu Qir Fertilizers, Mopco, and Kima to halt output.
Losses:
Reports yesterday circulated that the halt in operations for the companies came at a collective daily price tag of EGP 187 million, with Abu Qir bearing the brunt and shouldering EGP 65.54 million in losses, while Mopco recorded EGP 58.8 million, SIDPEC coming third at EGP 42.12 million, and KIMA at EGP 18.66 million.
Market reaction to SIDPEC’s plant reactivation:
The firm saw its share value rise 1.76% at market close yesterday.
Egypt has fully awarded 20 cargoes in its biggest LNG tender in years:
This adds three more cargoes to the previously mentioned 17 LNG shipments in a bid to meet surging local demand, Reuters reported.
Bids for the tender — granted at a premium of USD 1.60-1.90 to the standard Dutch TTF hub gas price — were received from over 15 major LNG players, and all cargoes were awarded with a 180-day deferred payment term.
Remember:
The import strategy — expected to average around USD 120 million a month for every three shipments — follows implementation of daily power cuts in a bid to save as much USD 300 million per month.
But time to find alternative sources as LNG shortages become the norm:
To adapt to the new reality, Abu Qir Fertilizers’ board yesterday approved a project to utilize partial hydrogen instead of natural gas, and has also green light establishment of a new solar plant with a 2.5 MW capacity.
What else is clapping?
Egypt has settled USD 25 billion of its total debt since March, including both domestic and foreign debts, equating to 7% of its GDP, according to the Institute of International Finance (IIF).
Beltone Financial Holding has submitted its request to the Financial Regulatory Authority to establish a fund that tracks the country’s first Shariah-compliant index.
Industry sources told Al Mal the Egyptian Resorts Company now has three options to develop an area spanning 3.1 million square meters in Sahl Hasheesh following a recent court decision.
Integrated Diagnostics Holdings has amended its delisting buyback price to EGP 20 from the previous EGP 18.62.
Orascom Construction, Metito, Hassan Allam Construction, and Arab Contractors snapped up four Guinness World Records for their newly completed New Delta Irrigation Water Treatment Plant, including awards for the biggest water treatment plant globally.
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