ENERGY-

#1- Pulse check on Indorama’s fertilizer plant: Singapore-based chemical company Indorama — in partnership with Phosphate Misr — is building a USD 400-500 mn phosphate fertilizers plant in Ain Sokhna, according to an Oil Ministry statement. Preliminary work on the plant is expected to wrap up by year end, with actual implementation starting in 2025. Last year, it was announced that the company has plans to invest around USD 700 mn to establish two factories to produce phosphate fertilizers and silicon metal for solar panel production.

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More from Indorama? The company wants to expand its footprint in the local oil sector, in Egypt’s green ammonia sector, and the manufacture of raw materials needed for the battery industry.

#2- USD 340 mn worth of oil agreements: The Oil Ministry and the Egyptian General Petroleum Corporation (EGPC) inked an agreement with Shell and Malaysia’s Petronas to invest USD 222 mn in the deepwater West Delta to boost its gas production, according to a statement. The companies will drill three gas production wells and build offshore facilities, with the aim of producing 150-200 mn cubic feet of gas per day before the end of 2024.

AND- The ministry and EGPC also signed an agreement with local energy giant Cheiron Energy to invest USD 120 mn in the Geisum and Tawila West development fields in the Gulf of Suez. The agreement includes drilling nine wells — including three exploratory — to boost crude production from 21k barrels per day to 26k bpd.

INVESTMENT-

Eastern Company to invest big to boost production efficiency: State-owned tobacco giant Eastern Company is investing an initial USD 20 mn to raise the efficiency of its production lines, CEO Hany Aman tells Hapi Journal. The company may add three new production lines in the long term.

RENEWABLES-

Fresh goes green: Cairo Solar will set up EGP 170 mn solar power stations to power home appliance manufacturer Fresh Electric’s factories, Hatem Tawfik, the managing director of Cairo Solar told Al Mal. The stations will have a combined capacity of 11 MW and will provide 30% — or EGP 20 mn worth — of the Fresh’s electricity consumption.

MANUFACTURING-

Friday Ice Cream is looking to buy five production lines from Europe in the “coming period,” chairman Mohamed Gomaa told Al Mal. The company has tapped Elite Financial Consulting to conduct a feasibility study as it waits on receiving final offers for the new lines.

Big plans ahead: The company is looking to make its EGX debut next year after it completes working on its new factory that is expected to be the largest in the Middle East and will eventually reach a pasteurization unit production capacity of 30 tons per hour.

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