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The Transport Ministry and Eni began working on establishing a logistics center and storage areas at the Damietta Port, port chairman Ayman Saleh says, according to Al Masry Al Youm. The new facilities will serve the ground pipeline set to connect the Zohr gas fields to the port’s processing plant, from which gas will be […]
Author Archives: enterpriseam admin
Posted inEnergy
GANOPE to award two international companies E&P projects Gulf of Suez, Western Desert
The Ganoub El Wadi Petroleum Holding Company (GANOPE) will award two international companies oil and gas E&P projects in 10 areas in the Gulf of Suez and the Western Desert, head of GANOPE’s exploration division Mostafa Abdel Ghaffar tells Al Borsa. GANOPE will announce the winners of the tender in two weeks’ time, according to […]
Posted inEnergy
LaFarge subsidiary to invest EGP 350 mn in alternative fuel source development
Lafarge Group subsidiary GeoCycle is planning to raise its investments in alternative fuel source development to EGP 350 mn during 2017, Al Borsa reports. The company is also looking to boost its production capacity to reach 1 mn tonnes of alternative fuel during the coming years, and is set to launch an alternative fuel factory […]
Posted inEnergy
Electricity Minister meets with local company to discuss expanding production on prepaid electricity meters
Electricity Minister Mohamed Shaker discussed increasing local production of prepaid electricity meters with representatives from Global Electronics yesterday, Al Masry Al Youm reports. The ministry wants to increase the rate at which prepaid meters are installed, the minister said, but provided no further details.
Posted inBasic Materials + Commodities
Egypt imports 5.580 mn tonnes of wheat during 2016-2017
Egypt imported 5.580 mn tonnes of wheat during 2016-2017, up from 4.440 mn tonnes the previous year, Supply Ministry spokesman Mamdouh Ramadan said, according to Reuters. The ministry is planning to import 6.2 mn tonnes in 2017-2018, in addition to the 3.4 mn tonnes it purchased from local farmers during the domestic wheat purchase season. […]
Posted inBasic Materials + Commodities
Centamin’s production from Sukari gold mine drops 11% in 2Q2017
Preliminary gold production from the Sukari gold mine dropped 11% year-on-year in 2Q2017 to 124.6k ounces, Centamin announced yesterday. Meanwhile, quarter-on-quarter production saw a 14% jump, while quarterly throughput increased 5% from the previous quarter. The company is “on course” to reach its target of producing 540k ounces this year, Centamin CEO Andrew Pardey said.
Posted inAutomotive + Transportation
Passenger car imports drop 53.4% y-o-y during 1Q17
In case you needed any more evidence the auto market is in a rut, passenger car imports declined 53.4% year-on-year in spending terms to USD 329.2 mn in 1Q2017, down from USD 707.8 mn during the same period last year, according to CAPMAS statistics picked up by Al Mal. Imports of car components also declined […]
Posted inBanking + Finance
ICON management makes mandatory offer to acquire company
Industrial Engineering Company for Construction and Development’s (ICON) management, headed by chairman Arafat Mohamed Maged appears to have made a mandatory tender offer to acquire the remaining 46.7% shares of the company and has sent the Egyptian Financial Supervisory Authority (EFSA) the offer for approval, the company said in a bourse filing.
Posted inOther Business News of Note
Kuwait’s Wataniya Airways set to resume operations today, will offer flights to Egypt soon
Kuwait’s Wataniya Airways is set to resume operations today after a one-year hiatus, with its first flight heading to the Georgian capital city of Tbilisi, Kuwait News Agency reports. The airline, one of Kuwait’s three national carriers, will offer flights to 16 countries, including Egypt, during its first phase of operation.
Posted inLegislation + Policy
Agriculture Ministry working on new penalties for violators of pesticides regulations
The Agriculture Ministry is drafting legislation that would regulate pesticide usage in agriculture and set stricter punishments for the use of unsanctioned pesticides, Agriculture Minister Abdel Moneim El Banna said on Monday, according to Al Mal. The move is meant to address health concerns, El Banna added. The overuse of pesticides in Egypt’s agriculture produce […]