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BP aims to increase natural gas production to 500 mcf/d by the middle of 2020 when it completes the development of its Baltim South West field, a source from EGAS told the press. Work is still ongoing to develop the field and link it to the national gas grid. Eni estimated the field to hold […]
Author Archives: enterpriseam admin
Posted inEnergy
Oil imports could drop 21.8% y-o-y in FY2019-2020 -gov’t sources
Egypt’s imports of crude oil and petroleum products could fall 21.8% to 22.2 mn tonnes in FY2019-2020, down from 28.4 mn tonnes last year, senior government officials said. This would reduce import costs to USD 13.1 bn, from USD 16.1 bn in FY2018-2019. Egypt’s ongoing natural gas boom is helping the government to reduce its […]
Posted inBasic Materials + Commodities
Egypt receives USD 48.2 from Sukari gold mine in 2H2018
Egypt received USD 48.2 mn in profit share and royalties from Centamin’s Sukari gold mine in 1H2019, the company said in its earnings release (pdf). The Egyptian Mineral Resources Authority (EMRA) received USD 39.4 mn in profit share (unchanged y-o-y), with Centamin paying USD 8.8 mn (down 2% y-o-y) mn in royalties to the state. […]
Posted inManufacturing
China’s Konka Group opens USD 30 mn TV factory in Beni Suef
China’s Konka Group has inaugurated a USD 30 mn LED TV factory in Beni Suef with an annual production capacity of 600k units, Xinhua reported. The company plans to invest USD 70 mn in setting up an industrial park that can expand production to 1 mn units per year. It is expected to become Konka […]
Posted inManufacturing
AOI signs lighting production MoU with Hungary’s Tungsram
The Arab Organization for Industrialization (AOI) signed an MoU on Thursday with Hungarian lighting multinational Tungsram to manufacture lighting products in Egypt, Ahram Online reports. The companies will manufacture energy efficient lighting equipment such as LED lamps, street lighting, and smart lighting technology. The products will be used domestically and exported within Africa and Europe.
Posted inAutomotive + Transportation
Gov’t project to equip vehicles with dual fuel engines will start in September
The government will start implementing a national project to equip taxis and minibuses with dual fuel engines in September, Youm7 reports. Prime Minister Moustafa Madbouly last month asked ministers to prepare a report on the proposed project, which aims to reduce vehicles’ gasoline consumption by supplementing it with natural gas. The project should be fully […]
Posted inAutomotive + Transportation
China’s Foton discusses manufacturing electric buses with Egyptian officials
A delegation from Chinese automotive manufacturer Foton Motor met with Military Production Minister Mohamed El Assar, Local Development Minister Mahmoud Shaarawy and the governors of Cairo and Alexandria to discuss preparations for manufacturing electric buses in Egypt, according to a Military Production Ministry statement. Chinese engineers visited the ministry’s factories to oversee the process of […]
Posted inBanking + Finance
MTS signs EGP 760 mn loan agreement with the National Bank of Egypt for “window project”
Public-private special purpose vehicle (SPV) Misr for Technology Services (MTS) has signed a EGP 760 mn loan agreement with the National Bank of Egypt for its project to set up a one-stop shop for customs clearance, the domestic press reports. The proceeds will be used to finance part of the government’s in-the-works c. EGP 1 […]
Posted inBanking + Finance
Raya Foods secures EUR 5 mn loan from EBRD
Raya Foods received a EUR 5 mn loan from the European Bank for Reconstruction and Development (EBRD) to expand its storage facilities and purchase new equipment, the lender said in a statement. Raya Holding’s frozen fruits and vegetables production unit will use the funds to build a new storage house that will help it increase […]
Posted inBanking + Finance
Elmobasher for car financing to issue up to EGP 500 mn of securitization bonds
Car financing firm Elmobasher is planning to issue between EGP 400-500 mn of securitization bonds to provide liquidity for expansions, unnamed sources tell Al Mal. A subsidiary of Arabia Investment, Development, and Financial Holding Company (AIND) will manage the issuance with the participation of CIB and the National Bank of Egypt. The issuance is expected […]