PETROCHEMICALS-

Scatec on board for green methanol plant: Norwegian renewables producer Scatec and Alexandria National Refining & Petrochemicals Company (ANRPC) have signed an agreement to work on a USD 450 mn green methanol plant in Damietta, the Oil Ministry said Sunday. The facility will initially produce 40k tons of green methanol a year, before increasing to 200k tons.

REMEMBER- Scatec has emerged as a key player in Egypt’s energy sector, partnering on the country’s first green hydrogen plant with Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt (SFE). The Norwegian company plans to sign a joint development agreement for a USD 5.5 bn green ammonia plant in Ain Sokhna with Egyptian Petrochemicals Holding Company and state fertilizer company Mopco.

Major petrochem complex could get fast-tracked: The government is willing to grant a goldenlicense to or otherwise help expedite the USD 2.5 bn petrochemical complex that Anchorage Investments hopes to build in the Suez Canal Economic Zone, Prime Minister Moustafa Madbouly said in a meeting with Suez Canal Authority boss Osama Rabie and Anchorage founder and MD Ahmed Moharram, per a cabinet statement. The project would be built over a 36-month period and aims to export USD 1.5 bn worth of petrochems in its first phase of operations, the statement read.

INFRASTRUCTURE-

North Coast infrastructure projects put on hold amid FX rationing: An ongoing shortage of hard currency has led the government to postpone a tender for an EGP 1 bn electricity control center in Alexandria, as well as plans to expand several housing developments in New Alamein City, according to two separate reports by Al Mal (here and here), citing sources it says are in the know.

REMEMBER- The Madbouly cabinet in January announced new curbs on construction spending as part of a package of cutbacks aimed at alleviating the country’s shortage of foreign currency.

COMMODITIES-

EMX increases limit on corn trading 10x: The Egyptian Mercantile Exchange (EMX) has raised the limit on corn trading to 1k tons from the previous limit of 100 tons in response to requests from the Egyptian Poultry Association, Al Borsa reports, citing statements from Assistant Supply Minister Ibrahim Ashmawy. State grains buyer GASC began selling yellow corn to poultry feed factories via the exchange last month.

SHIPPING-

SCZone to launch ship supply services within days:Bunkering service vessels arrived at Port Said port yesterday and are expected to launch their services within days, the Suez Canal Economic Zone said yesterday. This move is a part of Egypt’s plan to become a one-stop shop in the region for providing services for ships including bunkering and catering.

Who are the firms? The bunkering licenses were granted to Coral Energy, Minerva Bunkering, and Peninsula companies in February 2022 for one year only. Renewal is contingent upon the firm’s performance review. The three firms were awarded four licenses — two on the Red Sea and two on the Mediterranean — following a tender in February.

STARTUPS-

Egyptian automotive startup Helpoo receives investment from Saudi firm: Saudi-based automotive services provider Morni Holding has acquired an undisclosed stake in Egyptian startup Helpoo, Morni advisor Exits said in a press release (pdf) on Monday, without disclosing the value of the transaction. Helpoo — which offers tech-enabled car ins. and roadside assistance services — will use the investment to expand its operations and launch new projects, and will also get technical support from Morni.

ICYMI- Morni wants to deploy USD 10 mn by the end of the decade to make acquisitions in Egypt, Exits told us last year.

Ready, set, race:Racemate— an app that offers personalized and real-time pacing strategies, audio guidance, and live tracking features for participants in running events — last month expanded to Dubai, according to a company press release (pdf). The app was launched in 2021 by local sports event management company TriFactory and software developer Optomatica. It has been used in a dozen races across the country and plans to continue expanding here and across the MENA region.

PHARMA-

Evonik meds are coming to Egypt: German specialty chemicals company Evonik Industrieshas teamed up with French distributor Safic-Alcan to export its nutraceutical products to Egypt, it said in a press release (pdf) last week. Under the agreement, Safic-Alcan will distribute Evonik immunity, nutricosmetic, and brain and cardiovascular products in Egypt.

WASTE MANAGEMENT-

EU funding for the circular economy: The Environment Ministry last week launched the second phase of the EU-funded SwitchMed initiative, which aims to promote sustainable consumption and the circular economy in Southern Mediterranean countries, the Environment Ministry said last week. The program is focusing on making supply chains for the local textile industry more sustainable and reducing single-use plastics.

SOUND SMART- The circular economy is a business model that tries to limit waste and puts sustainability at the heart of production and consumption. Reusing and recycling waste, limiting pollution, and regenerating natural environments are all key “circular” concepts.

DEVELOPMENT FINANCE-

Gov’t, UN to continue working on Upper Egypt development: The International Cooperation Ministry and the UN yesterday launched a new phase of the Egypt Network for Integrated Development (ENID) for 2023-2027, the ministry said in a statement. Started in 2012, ENID is focused on upgrading basic services, promoting MSMEs and developing sustainable agriculture in Upper Egypt.

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