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Apex International Energy plans to begin exploration drilling on the West Badr El Din and South East Meleiha concessions in the Western Desert in 4Q2018, the company said in a press release. Apex held a seismic exploration tender at the concessions, awarding some USD 15 mn in exploration contracts to Weir, Vallourec Oil, Soconord, BGP […]
Author Archives: enterpriseam admin
Posted inEnergy
Nooros’ 14th well pumps additional 180 mcf/d into national grid as it comes online
The 14th well at the Nooros gas field has come online, pumping an additional 180 mcf/d into the national grid, the Oil Ministry announced yesterday. The Nedoco field, which was completed in record timing of under two months, brings total production from Nooros to 1.2 bcf/d.
Posted inEnergy
Afrises wins USD 25 mn contract for Ghana solar power plant
Egyptian solar power company Afrises was awarded a USD 25 mn contract to build a solar power plant in the Ghanaian capital Accra, CEO Ahmed Hamdy tells Al Mal. The company expects to sign the contracts for the 25 MW project by July. Afrises will use Chinese photovoltaic cells, Egyptian cables, and transformers provided by […]
Posted inEnergy
Sterling and Wilson to complete 4 solar power plants in Benban by 1Q2019
India’s Sterling and Wilson is planning to complete four solar power plants at the Benban complex in 1Q2019, an unnamed company source said yesterday. The projects are being built under phase two of the feed-in-tariff (FiT) program.
Posted inInfrastructure
Cabinet approves establishing 3 new cities
The Ismail Cabinet’s Planning and Urbanization Committee gave its preliminarily approval yesterday to a plan to establish new cities in North Sinai, Beni Suef, and Minya, according to a statement. Among the planned new cities is the New Bir Al Abd City, which Housing Minister Mostafa Madbouly had announced last November following a deadly terrorist […]
Posted inManufacturing
Egypt reaches 40 mn Internet users in FY2017-18
The total number of Internet users in Egypt hit over 40 mn in FY2017-18, according to data from the ICT Ministry picked up by Youm7. The number includes users who access the Internet via WiFi or through mobile data. High-speed Internet subscribers are concentrated in the Greater Cairo area, which holds 40% of these users, […]
Posted inManufacturing
Atco Pharma plans to build new EGP 70 mn factory at SCZone
Atco Pharma is planning to build a EGP 70 mn factory at the Suez Canal Economic Zone (SCZone), Al Shorouk reports. The new factory’s output will mostly be exported, according to a company official. Atco Pharma is currently awaiting necessary regulatory approval to launch its new facility.
Posted inTelecoms + ICT
TE to use USD 90 mn of USD 200 mn facility from Afreximbank to finance MENA Cables acquisition
Telecom Egypt (TE) is reportedly planning to use USD 90 mn of a USD 200 mn short-term loan agreement with the African Export-Import Bank (AfreximBank) to finance its acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, a banking source tells Al Shorouk. The state-owned landline monopoly signed the loan agreement last week […]
Posted inTelecoms + ICT
Yasser El Kady meets with Foxconn Technology delegation
ICT Minister Yasser El Kady met yesterday with executives from electronics manufacturing giant Foxconn Group to discuss the development of Egypt’s ICT sector and the potential for future cooperation with the company on a number of projects, according to a ministry statement. The delegation will be in town for one week to meet with several […]
Posted inBanking + Finance
NBE receives USD 200 mn tranche of USD 300 mn Afreximbank loan
The National Bank of Egypt (NBE) has received a USD 200 mn tranche of its USD 300 mn facility from the African Export-Import Bank (Afreximbank), an unnamed bank official tells Al Shorouk. The two banks had signed a USD 300 mn three-year financing agreement in April 2017 that would be used to support an SME […]