COMMODITIES-

Dairy giant Juhayna reduces prices by up to 18%: Juhayna has cut the prices of its dairy products by 18% and its juice products by 15%, according to a company statement (pdf). The move came after the government agreed with manufacturers, suppliers, and retailers to cut commodity prices by 15-20% this week.

“The decision comes in line with the government’s decisions to reduce prices and confront any negative effects that may affect the consumer. It also reflects the company’s constant interest in supporting society and individuals and supporting the Egyptian consumer in light of the currency economic changes,” read the statement.

ENERGY-

Oil and gas drilling company Ades Holding will work to boost oil production at two brownfields in Egypt after landing a ten-year service agreement, it said in a statement (pdf). Under the agreement, Ades will receive “incremental production returns,” the statement reads. The agreement has an option for a ten-year extension. The drilling giant signed the agreement with two subsidiaries of the Egyptian General Petroleum Corporation — Suez Oil Company (SUCO) and Offshore Shukeir Marine Oil (OSOCO) — and will partner on the projects with an unnamed “leading local exploration and production player.”

The details: The agreement will see Ades invest USD 30 mn in SUCO and USD 36 mn inOSOCO, over the first three years. The consortium’s share of the additional production will range between 61% and 72% depending on production volume and price factors.The project is slated for launch in July 2024.

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