{"id":623505,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/this-evening-fertilizer-companies-cease-production-due-to-disrupted-gas-supply\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"this-evening-fertilizer-companies-cease-production-due-to-disrupted-gas-supply","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/05\/this-evening-fertilizer-companies-cease-production-due-to-disrupted-gas-supply\/","title":{"rendered":"THIS EVENING: Fertilizer companies cease production due to disrupted gas supply"},"content":{"rendered":"

Good afternoon, folks, and happy almost-Thursday. <\/strong>We are excited for the weekend coming around the corner for a chance to escape the heat.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Fertilizer companies halt production amid gas supply disruptions: <\/strong>Pressure fluctuations in the natural gas pipeline network have forced several companies in the fertilizer and petrochemical sector to suspend production until the gas flow stabilizes. Sidi Kerir Petrochemicals (Sidpec), Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Egyptian Chemical Industries (Kima), and EgyFert were among the companies impacted, the EGX-listed companies said in separate disclosures to the bourse today.<\/p>\n

ICYMI: <\/strong>The Oil Ministry reportedly reduced<\/a> the natural gas supplies to energy-intensive fertilizer companies by 20-30% earlier this week. The cut supplies were set to be redirected to feed power plants during a time of heightened demand.<\/p>\n

Gov\u2019t to ramp up LNG shipments to address the supply gap: <\/strong>The government plans to import between 15-18 shipments of LNG to cover the electricity needs of the industrial sector and households, a government source told Enterprise without providing a timeframe for the shipments\u2019 arrival.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Indian Prime Minister Modi\u2019s victory at the polls is a net loss for his party.<\/strong> Early projections of the election results put Narendra Modi far ahead of the competition, expecting the PM to serve for a third five-year term. But poll results had a different story to tell, showing the PM\u2019s Hindu-nationalist, right-wing party losing their supermajority for the first time in a decade. Instead of the 400 parliament seats Modi expected to secure, the party only kept 240 \u2014 32 seats shy of a parliamentary majority. Opposition parties occupy 235 seats, and an ally for Modi secured 52. Political commentators in India are breathing a sigh of relief, hoping that this \u201c[prick] in the bubble of Modi\u2019s authority\u201d will halt the party\u2019s unchecked domination. (CNN<\/a> | Reuters<\/a>)<\/p>\n

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