Pre-Trading Thoughts

The Prime Minister announced that an oil and gas field was discovered in the King Mariout area, called Fayoum 5. Egypt’s liquefied in facilities will start receiving 400 million cubic feet per day (mcf/d) from Cyprus’ Cronos gas field starting mid-2027 and another 500 mcf\d of gas from the country’s Aphrodite field by 2030, a senior government official said. Cabinet approved a draft decision put forth by Prime Minister Moustafa Madbouly defining the responsibilities of the Industry Ministry a...