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Russia’s Rosneft closed the transaction to buy a 30% stake in the Zohr gas field from Eni, TASS reports. The transaction was first reported in December 2016, where Rosneft was said to be paying Eni USD 1.125 bn for the stake and included a pro quota reimbursement of past expenditures amounting to USD 450 mn. […]
Author Archives: enterpriseam admin
Posted inEnergy
Electricity Ministry signs USD 250 mn contract to develop Phase 2 of power grid overhaul
The Electricity Ministry signed a USD 250 mn contract this week with the State Grid Corporation of China (SGCC) to help develop 1,210 km electricity distribution network as part of the second phase of upgrading the power grid. The company will be subcontracting the project to local developers in order to speed up work on […]
Posted inEnergy
Solar power companies accuse government of being slow to process pledge of shares agreement, delaying financial close
Solar power firms working on phase 2 of the feed-in tariff program are accusing the government of being too slow to process their share-pledge agreements with international lenders, sources close to the matter tell Al Borsa. The step is necessary for the companies to secure funding for their projects and reach financial close, the deadline […]
Posted inEnergy
Ansaldo Energia begins EUR 246 mn phase 3 of 6 October plant
Italy’s Ansaldo Energia has begun phase 3 of the Cairo Electricity Production Company’s 6 October power plant which would raise its capacity to 900 MW from 600 MW, sources tell Al Mal. The EUR 246 mn phase would see Ansaldo convert the plant into a combined-cycle plant.
Posted inEnergy
JICA approved USD 60 mn to fund solar power plant in Hurghada
The Japan International Cooperation Agency (JICA) approved disbursing USD 60 mn in funding to develop a solar power plant in Hurghada, said Mohamed El Khayat, head of the New and Renewable Energy Authority. The project, which had been in limbo for the past two years, will be put up for an international tender in mid-2018, […]
Posted inInfrastructure
Have plans to build the Ras Sudr airport reached a dead end?
It appears that the Civil Aviation Ministry and the Tourism Development Authority have failed to drum up investor interest in a tender to develop the Ras Sudr airport and resort which closed on Sunday, sources tell Al Mal. The ministry and the authority will be meeting to determine why the tender failed, said a source, […]
Posted inBasic Materials + Commodities
Centamin achieves record total gold production from Sukari in 3Q2017
Centamin has announced yesterday record gold production levelsfrom the Sukari gold mine in 3Q2017. The company’s output from Sukari went up by 26% q-o-q and 5% y-o-y to 156,533 ounces for the quarter. Centamin has maintained its production guidance of 540k ounces for 2017 and noted that the open pit achieved record levels of both […]
Posted inBasic Materials + Commodities
Obour Land to set up milk production project worth EGP 105-115 mn
Obour Land announced its intention to establish a milk production project at an investment cost of EGP 105-115 mn, according to a bourse disclosure. The cost will be financed over three years and will be developed over 35 feddans. Obour Land aims to produce 50 tonnes of milk a day from the project.
Posted inManufacturing
Infinix and Meizu studying setting up local manufacturing
Chinese phone makers Infinix and Meizu as considering setting up local manufacturing lines,CEO of their local partner KMG Karim Ghoneim tells Al Mal. KMG is conducting feasibility studies with the two firms to set up local assembly lines under the framework of the new Investment Act but that his company is not the only one […]
Posted inHealth + Education
New Japanese schools to begin operations this month, 12 operating already -Kagawa
A number of new Japanese schools will begin operating in Egypt this month, Ambassador Takehiro Kagawa told Al Mal. There are 12 Japanese schools currently working in Egypt and implementing Japanese education systems, he said. In total, the Education Ministry had agreed with Japan to set up a total of 28 schools across Egypt.