{"id":585598,"date":"2023-04-26T00:00:00","date_gmt":"2023-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/"},"modified":"2023-04-26T00:00:00","modified_gmt":"2023-04-26T00:00:00","slug":"egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/","title":{"rendered":"Egyptian, Indian firms to team up on USD 80 mn pharma materials plant"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">A USD 80 mn Egyptian-Indian pharma project brewing: <\/span><span style=\"\">The Madbouly <\/span><span>government is in talks w<\/span><span>ith unnamed private Egyptian and Indian pharma companies to establish a USD 80 mn pharma raw materials plant, Public Enterprises Minister Mahmoud Esmat <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0cbDDqqXsw6XCsFpQFSHvdurbRGGUek6R5TbAeK7mMsC732Y644GxCAunJHmC8wPpl\" style=\"\">said yesterday<\/a><\/span><span>. The project will work to meet local demand and boost exports, Esmat said, without elaborating further. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We already reportedly have new pharma factories in the making: <\/span><span>State-owned pharma manufacturer HoldiPharma <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e8f344-8001-4eff-b310-a526ca3a154e\" style=\"\">plans to build<\/a><\/span><span style=\"font-weight:400;\"> five new factories at a cost around EGP 2.5 bn in partnership with private-sector firms, including an unnamed Indian manufacturer that will act as  technical expert, Asharq Business reported last month. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEBT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Kom Ombo solar plant receives USD 123 mn in financing: <\/span><span style=\"\">Saudi renewable energy <\/span><span>developer ACWA Power yesterday inked a USD 123 mn financing package to develop the 200 MW Kom Ombo solar power plant, according to a company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.acwapower.com\/news\/acwa-powers-200mw-kom-ombo-solar-project-obtains-us123-million-financing-package\/\" style=\"\">statement<\/a><\/span><span>. The financing package has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/320d303f-9f12-4b87-b16f-4cbe5615b532\" style=\"\">been in the works<\/a><\/span><span style=\"font-weight:400;\"> since 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where is the money coming from? <\/span><span style=\"font-weight:400;\">Multilateral lenders including the European Bank for Reconstruction and Development (USD 36 mn), Green Climate Fund (USD 34.5 mn), the African Development Bank and affiliated funds (USD 24.4 mn), the Arab Bank (USD 14.8 mn), and the OPEC Fund for International Development (14.6 mn). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ENERGY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Chevron to issue lease tender for drilling ship for East Med exploration: <\/span><span style=\"\">US<\/span><span>energy major Chevron is preparing to issue a tender to lease a drilling ship for natural gas exploration off Egypt, Cyprus, and Israel, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/energy\/chevron-prepares-tender-east-med-drilling-vessel-2023-04-24\/\" style=\"\">Reuters<\/a><\/span><span>reported Monday, citing a statement by the multinational corporation. The firm will potentially issue the tender during 2Q 2023, it said, without disclosing when it expects to begin drilling. This comes on the heels of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a16e0275-994f-4318-8b49-db49b2575af3\" style=\"\">Reuters piece<\/a><\/span><span style=\"font-weight:400;\">last week which claimed that the company had already issued the tender. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- The FX crisis is making it harder for EGPC to pay its dues to international <\/span><span style=\"font-weight:700\">companies: <\/span><span>The total receivables that the Egyptian General Petroleum Corporation (EGPC) owes to international oil and gas companies has more than tripled to USD 3 bn from USD 850 mn in mid-2020 \u2014 the Oil Ministry\u2019s last report of the figure \u2014 amid the ongoing FX crunch, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mees.com\/2023\/4\/21\/oil-gas\/egypts-liquidity-crisis-sends-ioc-receivables-bill-soaring-towards-3bn\/9556b390-e03d-11ed-bcc3-e1b8442e04fe\" style=\"\">Mees<\/a><\/span><span style=\"font-weight:400;\">reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- Egyptian-German JV to build two solar p<\/span><span style=\"font-weight:700\">lants in Al Wadi El Gedid: <\/span><span style=\"\">A joint <\/span><span>venture between Egypt-based <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.ses.com.eg\/about-us\/\" style=\"\">Smart Engineering Solutions (SES)<\/a><\/span><span> and German solar company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.frenell.de\/en\/\" style=\"\">Frenell<\/a><\/span><span> will build two solar plants utilizing <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.energy.gov\/eere\/solar\/concentrating-solar-thermal-power-basics\" style=\"\">concentrated solar technology<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3GGCpiW\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports. The companies will establish two facilities with a combined 70 MW of power at a cost of some EUR 340 mn, the newspaper says, citing SES CCO and co-Founder Ahmed Naguib. The German partner will fund the project, according to the news outlet.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian and Indian firms will spend USD 80 mn on a pharma materials plant<\/p>\n","protected":false},"author":1,"featured_media":585599,"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":[7209],"tags":[111,780,104,557,93,72,2234,7009,7111,91,151,7010],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-chevron","tag-economy","tag-egyptian-general-petroleum-corporation","tag-energy","tag-enterpriseam","tag-foreign-exchange","tag-frenell","tag-infrastructure","tag-oil-and-gas","tag-renewables","tag-smart-engineering-solutions","wpautop","entry"],"acf":{"mongo_id":"c1ad3b20-1799-47ed-83f8-c4caed4cd35c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/818.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Indian private investment in Egypt\u2019s pharma manufacturing sector. PLUS: ACWA Power solar plant + Chevron\u2019s East Med exploration","related_issue":[585581],"teaser":"Egyptian and Indian firms will spend USD 80 mn on a pharma materials plant","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.db6927d7-d901-4668-aec0-e9dc0a595643.mp3"},"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>Egyptian, Indian firms to team up on USD 80 mn pharma materials plant - 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\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian, Indian firms to team up on USD 80 mn pharma materials plant\" \/>\n<meta property=\"og:description\" content=\"Egyptian and Indian firms will spend USD 80 mn on a pharma materials plant\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-26T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/818.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian, Indian firms to team up on USD 80 mn pharma materials plant\",\"datePublished\":\"2023-04-26T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\"},\"wordCount\":436,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/818.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"Chevron\",\"economy\",\"Egyptian General Petroleum Corporation\",\"energy\",\"EnterpriseAM\",\"foreign exchange\",\"Frenell\",\"infrastructure\",\"oil and gas\",\"renewables\",\"Smart Engineering Solutions\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/egyptian-indian-firms-to-team-up-on-usd-80-mn-pharma-materials-plant\/\",\"name\":\"Egyptian, Indian firms to team up on USD 80 mn pharma materials plant - 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