Pre-Trading Thoughts

*Key news articles for today*
 
BP plans to invest USD400 million during the current fiscal year to drill two new wells at the Raven natural gas field in its North Alexandria concession. The two wells will add a combined daily 400 million cubic feet of gas to its output. 

The ratio of external debt service to public revenues increased during the last fiscal year to 35% from 14.8% in FY22/23. External debt service represented 14.8% of total expenditures at the end of the last fiscal year.

Cash-based subsidies will range between EGP500-1,250. The first year of implementation will see both in-kind and cash-based subsidies granted to households — in-kind subsidies will exclude oil and sugar. 

CCAP settled some EGP3.35 billion worth of debt to four local banks in exchange for a 17.7% stake — 239 million shares — in TAQA. The agreement saw CCAP settling its entire EGP4.5 billion debt in exchange for the 17.7% stake in Taqa as well as a land plot overlooking the Nile.

A Japanese consortium of Mitsubishi and another undisclosed firm was selected to set up a EUR90 million, 20 MW solar power plant in Hurghada.

Following the court's rejection in June 2024 of the lawsuit filed by EGTS regarding the 20.0 million sqm third phase Sahl Hasheesh land plot, EGTS is appealing the court's ruling, with the next court date scheduled on 1 October 2024.