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The Customs Authority has finalized the customs tariffs rates under the Mercosur freetrade agreement, which came into effect last month, Al Masry Al Youm reports. The authority has also divided commodities into five groups that will gradually become customs-exempt over the course of 10 years. Customs exemptions on “strategic commodities” will be determined by a […]
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
Palestinian reconciliation talks in Cairo 21 November
Egypt has invited the Palestinian factions to more extensive talks on reconciliation on 21 November, according to Xinhua.
Posted inEnergy
Oil Ministry signs USD 2.4 mn exploration agreement with Trident Petroleum
The EGPC signed yesterday a USD 2.4 mn agreement with Trident Petroleum for oil and gas exploration in the East Esh Al Mallaha concession, Al Borsa reports. The agreement also included a USD 500,000 signing bonus to drill four wells in the concession. No details were provided on the timeline of the project.
Posted inEnergy
TransGlobe increases production, records 3Q2017 loss
TransGlobe Energy announced 3Q2017 production increased by 27% y-o-y to 14.9k boepd on increased volumes in Egypt and an acquisition in Canada, according to the company’s earnings release. TransGlobe recorded a net loss of USD 6.9 mn during the quarter and attributes it to a USD 10.3 mn impairment loss and a USD 3.2 mn […]
Posted inEnergy
El Sokhna Refinery secures USD 1.4 bn in funding for its refinery
El Sokhna Refinery & Petrochemicals has secured USD 1.4 bn in funding for phase one of its refinery plant from an unnamed consortium of European and Chinese lenders, company sources tell AMAY. The funding will cover the development of 85% of phase one, and the company plans to finance the rest through loans from local […]
Posted inBasic Materials + Commodities
Russia supplied all of Egypt’s wheat since August
Russia extended continued a three-month “clean sweep” in orders from the world’s biggest wheat buyer, the General Authority for Supply Commodities (GASC), UkrAgroConsult reports. Russia’s continued wins in GASC tenders against other suppliers came driven by weakness in the rouble and “increased competition” on international markets. GASC has so far bought 3.79 mn tonnes of […]
Posted inBasic Materials + Commodities
Fruttella launches fruit sorting and packaging line
The International Company for Food Industries (Fruttella) is launching a EGP 20 mn fruit and citrus sorting and packaging line, Managing Director Ahmed Sarhan told Al Mal. The new line will allow the company to meet export requirements, as it target markets in Southeast Asia and China. Sarhan says the new investment will be self-financed […]
Posted inBasic Materials + Commodities
Gov’t establishes company to regulate gold mining in Shalatin
The government has established the Shalatin Company to regulate gold mining in the disputed Shalatin area on the border with Sudan, which is currently carried out haphazardly and with little oversight, Oil Minister Tarek El Molla announced yesterday, Al Shorouk reports. The company is responsible for negotiating with miners and setting competitive prices for purchasing […]
Posted inReal Estate + Housing
Redcon to develop EGP 1 bn office project
Redcon Construction plans to begin work on a EGP 1 bn office project in New Cairo within two months, Chairman Tarek El Gamal told Al Borsa. The 25,000 sqm project is located on Road 90 and work is expected to be completed within a year.
Posted inBanking + Finance
Catalyst Partners plans to list two companies in 2H2018
Catalyst Partners is managing the listing two unnamed companies on the EGX in 2H2018, CEO Tarek Effat tells AMAY. The first is a EGP 200 mn pharma company while the other is a food industries company with a capital of EGP 160 mn. Catalyst has already completed restructuring the companies before listing procedures.