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State-owned Assiut Oil Refining Company (ASORC) is building a USD 450 mn facility to produce high octane fuels with a total capacity of 660k tonnes a year, ASORC head Mahmoud El Shaboury said. El Shaboury didn’t specify a time, but added that the project is currently 40% complete. Assiut National Oil Processing Company — a […]
Author Archives: enterpriseam admin
Posted inEnergy
Japan Bank for Int’l Cooperation meets with Electricity Minister
Electricity Minister Mohamed Shaker met yesterday with the head of the Japan Bank for International Cooperation (JBIC) to discuss cooperation between the two entities, according to a cabinet statement. No further details of their discussion were disclosed.
Posted inBasic Materials + Commodities
Supply Ministry warns farmers against high moisture levels wheat
The Supply Ministry has warned local farmers it will not purchase wheat with moisture levels beyond what is allowed, it said in a statement picked up by Reuters yesterday. The ministry said cold weather and other climate change-related factors have resulted in higher levels of moisture in some of the crop sold to the government.
Posted inBasic Materials + Commodities
Cotton prices to reach EGP 2.7k per qintar this season
Cotton prices are expected to reach EGP 2.7k per qintar this season,up from 2.4k last year, head of the Egyptian Cotton Exporters Union Azza El Qabari said, according to Al Mal. Egypt is expected to plant 200k feddans of the crop this season (1.4 mn qintars), down from 336k feddans (2.5 mn qintars) last year. […]
Posted inBasic Materials + Commodities
Local rebar production slows as duties on steel imports increase
Eight mills in Egypt have stopped rebar production following a decision by the Finance Ministry to impose a 15% duty tax on steel imports, reports Argus. The decision aims to reduce the reliance on steel imports and encourage local manufacturing, but local producers suggest they cannot remain competitive with the increase in production costs.
Posted inManufacturing
GAFI sets up industrial development JV with private companies
The General Authority for Freezones and Investment (GAFI) is setting up a JV with unnamed private sector companies to act as an industrial developer for land that will house textiles and readymade garment manufacturing facilities, according to Al Mal. This comes as the Port Said Investors Association is currently looking into establishing a textiles public […]
Posted inTourism
Greco-Roman era tomb discovered in Aswan
A Greco-Roman era tomb was discovered in Aswan yesterday by an Egyptian-Italian archaeological mission working at the Aga Khan Mausoleum area, a senior official in the Antiquities Ministry told Ahram Online. The tomb was found largely intact with several coffins, 30 mummies and other artifacts.
Posted inAutomotive + Transportation
Huawei, Transport Ministry discuss integrating technology
Transport Minister Kamal El Wazir met yesterday with a delegation from Chinese telecoms and electronics manufacturer Huawei to discuss ways to integrate communications technology into the transportation sector, according to a ministry statement.
Posted inBanking + Finance
Madbouly urges opening of Banque Misr branch in Somalia
Prime Minister Moustafa Madbouly called for the opening of a Banque Misr branch in Somalia during a meeting with the Somali foreign minister on Sunday, Mogadishu-based outlet Shabelle reports. Madbouly emphasized that the presence of the state-owned lender in Somalia would be beneficial to financial and trade relations between the two countries.
Posted inBanking + Finance
BdC to set up banking security company through employee fund
Banque du Caire is planning to set up a company specialized in banking security and money transfer services through its employee contribution fund, according to Masrawy. The company will have initial capital of EGP 5 mn, and will be 70% owned by the fund and 30% by an unnamed government body.