{"id":574949,"date":"2020-09-28T04:00:58","date_gmt":"2020-09-28T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/the-inauguration-of-the-mostorod-petrochemical-complex-was-the-top-story-on-last-nights-talk-shows\/"},"modified":"2020-09-28T04:00:58","modified_gmt":"2020-09-28T04:00:58","slug":"the-inauguration-of-the-mostorod-petrochemical-complex-was-the-top-story-on-last-nights-talk-shows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/the-inauguration-of-the-mostorod-petrochemical-complex-was-the-top-story-on-last-nights-talk-shows\/","title":{"rendered":"The inauguration of the Mostorod petrochemical complex was the top story on last night\u2019s talk shows"},"content":{"rendered":"<p><strong>The grand opening of the Egyptian Refinery Company\u2019s Mostorod petrochemical<\/strong> <strong>complex yesterday was the top story on the talk shows last night<\/strong>. Consumer protection, school fees and the auto market also got a look-in on a night that was otherwise dominated by the refinery.<\/p>\n<p><strong>Qalaa Holdings Chairman Ahmed Heikal took a victory lap last night<\/strong> as he celebrated keeping the USD 4.3 bn ERC on track through the global financial crisis, the 2011 revolution and the Morsi interregnum. Heikal spoke with Al Hayah Al Youm\u2019s Lobna Assal <a href=\"https:\/\/www.youtube.com\/watch?v=uEjq0IUImg0&t=260s\">(watch, runtime: 15:43)<\/a>, Masaa DMC\u2019s Eman El Hosary <a href=\"https:\/\/www.youtube.com\/watch?v=dBb9twkrwNA\">(watch: runtime: 8:19)<\/a>, El Hekaya\u2019s Amr Adib <a href=\"https:\/\/www.youtube.com\/watch?v=f_nJRRpat6w\">(watch, runtime: 3:20)<\/a>, and Salet Al-Tahrir\u2019s Azza Moustafa <a href=\"https:\/\/www.youtube.com\/watch?v=fDYlmJpijQE\">(watch, runtime: 3:18)<\/a> about the inauguration of the complex by President Abdel Fattah El Sisi. Among the takeaways:<\/p>\n<ul>\n<li><strong>A fair price for gas: <\/strong>Heikal called for a reduction of gas prices to USD 3.8-4 mmBtu for industry and said the inauguration of the refinery makes it clear there is a place in the economy for the private sector.<\/li>\n<li><strong>Heikal praised the Sisi administration\u2019s response to covid 19<\/strong>, singling out programs to cushion the economic and human impact of the pandemic by cutting interest rates, allocating EGP 100 bn to support the economy, and disbursing emergency payments to day laborers.<\/li>\n<li><strong>Qalaa scholarships: <\/strong>Heikal said that in addition to a large-scale program that sends students abroad for graduate degrees, Qalaa has 30 scholarships for outstanding high school students from Mostorod (the area in which ERC is based), sending them to universities such as the American University in Cairo, Nile University and Zewail City of Science and Technology.<\/li>\n<\/ul>\n<p><strong>A step toward energy independence: <\/strong>Assal also spoke with Medhat Youssef, the former deputy head of the state-run Egyptian General Petroleum Corporation, who noted that ERC will help Egypt sharply reduce its imports of refine petroleum products \u2014 and said there are plans to establish other refineries in areas similar Mostorod, which was home to an existing refinery that ships feedstock to ERC. He added that Egypt intends to reach self-sufficiency in diesel and be in a position to export gasoline and jet fuel by 2023 <a href=\"https:\/\/www.youtube.com\/watch?v=jKMKATmPGVE&t=6s\">(watch, runtime: 9:31)<\/a>.<\/p>\n<p><strong>Demand slump continues in car industry: <\/strong>Adib phoned Khaled Saad, the secretary general of the Automobile Association, who said that the car prices this year would be \u201cdifferent\u201d because of covid-19, without elaborating <a href=\"https:\/\/www.youtube.com\/watch?v=sdYLwT3R6ow\">(watch, runtime: 2:34)<\/a>. Saad stressed that there is currently low demand for new vehicles \u2014 but a pickup in demand for used cars <a href=\"https:\/\/www.youtube.com\/watch?v=aktWB9dqDwY\">(watch, runtime: 1:16)<\/a>.<\/p>\n<p><strong>Another person who popped up in several places yesterday was Consumer Protection<\/strong> <strong>Agency head Ahmed Samir Farag<\/strong>, who appeared on Al Hayah Al Youm <a href=\"https:\/\/www.youtube.com\/watch?v=IRaGRW08CQY\">(watch, runtime: 21:11)<\/a> and El Hekaya <a href=\"https:\/\/www.youtube.com\/watch?v=Xk01dX0_50s&t=43s\">(watch, runtime: 3:03)<\/a> to discuss the agency\u2019s work <a href=\"https:\/\/www.youtube.com\/watch?v=s8gAYRuq5FI&t=126s\">(watch, runtime: 3:39)<\/a> and the ongoing dispute over school fees. The agency will investigate parents\u2019 complaints over school fees at international and private schools in light of covid-related closures and amendments to curriculums, Farag said, adding that 75% of schools have so far refunded bus fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The grand opening of the Egyptian Refinery Company\u2019s Mostorod petrochemical complex yesterday was the top story on the talk shows last night. Consumer protection, school fees and the auto market also got a look-in on a night that was otherwise dominated by the refinery. Qalaa Holdings Chairman Ahmed Heikal took a victory lap last night [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9281],"tags":[1805,5961,5963,2379,72,5084,819,5962],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574949","post","type-post","status-publish","format-standard","hentry","category-enterprise-last-nights-talk-shows","tag-ahmed-heikal","tag-car-prices","tag-egyptian-refinery-companys-mostorod-petrochemical-complex","tag-enterprise-last-nights-talk-shows","tag-enterpriseam","tag-export-subsidy-arrears","tag-fuel","tag-school-fees","wpautop","entry"],"acf":{"mongo_id":"fb24c296-3584-491b-8edf-4a7afb35c171","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574945],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The inauguration of the Mostorod petrochemical complex was the top story on last night\u2019s talk shows - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/the-inauguration-of-the-mostorod-petrochemical-complex-was-the-top-story-on-last-nights-talk-shows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The inauguration of the Mostorod petrochemical complex was the top story on last night\u2019s talk shows\" \/>\n<meta property=\"og:description\" content=\"The grand opening of the Egyptian Refinery Company\u2019s Mostorod petrochemical complex yesterday was the top story on the talk shows last night. Consumer protection, school fees and the auto market also got a look-in on a night that was otherwise dominated by the refinery. 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As the largest private sector project of its kind in Africa, the refinery will produce each year some 2.3 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/293.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575056,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/your-top-infrastructure-stories-5\/","url_meta":{"origin":574949,"position":1},"title":"Your top infrastructure stories","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"Your top infrastructure stories for the week include: Egyptian Refining Company\u2019s USD 4.3 bn Mostorod petrochemical refinery \u2014 the largest private sector project of its kind in Africa \u2014 was inaugurated this week.The deadline to settle with the government for illegal construction has been pushed to 31 October and buildings\u2026","rel":"","context":"In \"building code\"","block_context":{"text":"building code","link":"https:\/\/enterpriseam.com\/egypt\/tag\/building-code\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604362,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/qalaa-to-invest-egp-30-bn-over-three-years-says-heikal\/","url_meta":{"origin":574949,"position":2},"title":"Qalaa to invest EGP 30 bn over three years, says Heikal","author":"enterpriseam admin","date":"2 December 2018","format":false,"excerpt":"INVESTMENT WATCH- Qalaa to invest EGP 30 bn over three years: Qalaa Holdings is planning to invest EGP 30 bn over the coming three years, Chairman Ahmed Heikal said. That includes capital earmarked for subsidiary Egyptian Refining Company\u2019s USD 4.3 bn refinery in Mostorod, which is currently around 98% complete,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594134,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/qalaa-holdings-to-ipo-taqa-arabia-arab-refining-company-next-year\/","url_meta":{"origin":574949,"position":3},"title":"Qalaa Holdings to IPO TAQA Arabia, Arab Refining Company next year","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"IPO WATCH- Qalaa Holdings to kick off four-year IPO program next year by listing shares of TAQA Arabia, ARC: Qalaa Holdings is planning to move ahead with the IPO of several of its subsidiaries next year, with IPO of TAQA Arabia scheduled to take place in 2Q 2020 and the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575088,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/01\/qalaa-losses-deepen-in-2q2020-despite-strong-erc-revenues\/","url_meta":{"origin":574949,"position":4},"title":"Qalaa losses deepen in 2Q2020 despite strong ERC revenues","author":"enterpriseam admin","date":"1 October 2020","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings reported a net loss of EGP 712.1 mn in 2Q2020 compared to EGP 224.5 mn in the same period last year, according to the company's earnings release (pdf), on the back of low fuel prices and the covid-19 pandemic. The losses were driven primarily by the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572381,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/23\/qalaas-ahmed-heikal-on-the-outlook-for-the-egyptian-global-economy-post-covid\/","url_meta":{"origin":574949,"position":5},"title":"Qalaa\u2019s Ahmed Heikal on the outlook for the Egyptian + global economy post-covid","author":"enterpriseam admin","date":"23 June 2020","format":false,"excerpt":"On another foreign policy-dominated evening, Qalaa Holdings boss Ahmed Heikal\u2019s discussion of the outlook for the Egyptian and global economy post-covid was the business \/ econ highlight on the airwaves last night. You can watch the full interview here (runtime: 33:50). While the global economy is unlikely to stage a\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574945"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}