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The market dynamics of sweet and sour crude: OPEC is under pressure fromcheap US “sweet” shale oil that is available in large quantities and easier to refine.The oil cartel, many of whose members produce “sour” oil that is harder to refine and is less available in the market, now has to decide whether to further […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
Egypt to host EU-Egypt investment cooperation meetings
Egypt will soon host a meeting of a committee to economic integration with the European Union, according to a Trade Ministry statement out following bilateral talks between Minister Amr Nassar and EU Ambassador to Egypt Ivan Surkos. The meetings will focus on increasing cooperation and investment in manufacturing, agriculture, trade and services. Nassar and Surkos […]
Posted inDiplomacy + Foreign Trade
Egypt and the UN step in to end 12 hours of Hamas-Israel violence
Egypt and the UN successfully brokered a truce between Hamas and Israel following a flare-up in violence late Thursday night and early Friday morning, according to the Jerusalem Post. Violence reportedly broke out when two missiles were fired at Tel Aviv and nine at southern Israel from Gaza. The Israeli army retaliated by hitting 100 […]
Posted inDiplomacy + Foreign Trade
Egypt and the AU to coordinate closely on African development projects
Egypt and the African Union (AU) will coordinate closely on African reconstruction and development projects during Egypt’s chairmanship of the AU, President Abdel Fattah El Sisi and AU Commission Chairman Moussa Faki agreed during a meeting yesterday, according to an Ittihadiya statement. During the meeting the leaders discussed deeper economic integration and cross-border cooperation among […]
Posted inEnergy
SIDPEC propylene factory to be 70% financed through debt from Egypt banks
Sidi Kerir Petrochemicals’ (SIDPEC) new propylene and polypropylene plant in Alexandria will have a 70:30 debt-to-equity ratio, the company said in a EGX release (pdf). We reported last October that SIDPEC is in talks with local banks to arrange a USD 1.2 bn loan for the facility.
Posted inEnergy
Eni to complete Zohr gas processing station in April
Italy’s Eni will by April have completed the construction of a gas treatment station for Zohr-produced gas in Port Said’s El Gameel region, which will connect to the Damietta liquefaction plant, an industry source told the domestic press. The Damietta liquefaction plant, of which Eni owns 26%, will be able to export 750 mn cf/d […]
Posted inInfrastructure
Siemens, Al Ezz Dekheila sign data analytics agreement
Siemens has signed a contract with Al Ezz Dekheila Steel Company in Alexandria to provide digital analytics and automation technology for its industrial assets, the German industrial conglomerate announced in a press release on Sunday.
Posted inBasic Materials + Commodities
Egypt’s sugar consumption reaches 3.3 mn tonnes per annum
Egyptians’ annual consumption of sugar has reached between 3.2 and 3.3 mn tonnes, making us “one of the most sugar-consuming countries,” Supply Minister Ali El Moselhy said yesterday, according to Reuters. Egypt produces some 2.2 mn tonnes of the white stuff, leaving a supply gap of around 1 mn tonnes.
Posted inManufacturing
Sumitomo Electric inaugurates two USD 200 mn factories in Port Said freezone
Japanese-British firm Sumitomo Electric Wiring Systems Egypt has inaugurated two new USD 200 mn factories in Port Said freezone, according to an Investment Ministry statement. The statement provided few details on the project. The company is also set to complete soon a separate USD 200 mn facility in 6 October, on which it broke ground […]
Posted inTourism
Marsa Alam receives first flight from Milan since 2010
Marsa Alam International Airport on Sunday received the first flight from Milan since 2010, Chairman and Acting Director at Marsa Alam Tourism Development Adel Rady told Al Shorouk newspaper. Rady said the number of tourists visiting the Red Sea resort has begun recovering after a drop in recent years.