Libya sets up joint venture with Egypt's Sewedy
Libya's two state-owned firms have set up a 32.5 million dinars ($25 million) venture with Egypt's El Sewedy Cables, to produce high voltage cables, state news agency Jana said on Wednesday.
El Sewedy, one of the biggest cable manufacturers in the Middle East, owns 55 percent in the joint venture named Libya's El Mushtaraka Cables Manufacturing which produces for Libya's domestic market, Jana reported.
Libya's state-owned Manufacturing Investment Development Company Holding and Electricity Industries Company, also owned by the Libyan state, hold 40 percent and 5 percent respectively, it added. –Reuters
World Bank to review Egypt’s wind energy plans
A World Bank mission will review the final version next week of tendering guidelines for renewable energy projects in Egypt, Al-Alam Al-Youm reported. The government wants to add another 600 megawatts to Egypt’s current wind power capacity of 310 megawatts by 2020, 400 megawatts of which will be built by the private sector.
An Egyptian-Japanese group is now building a 120 megawatt wind farm and the German and EU governments are studying a plan to build another 200 megawatt farm, the newspaper quoted Minister of Electricity and Energy Hassan Ahmed Younes as saying.
The World Bank is hosting a seminar for Egyptian and foreign bidders, manufacturers and investors to familiarize them with renewable energy. –Al-Alam Al-Youm
Sea Dragon spuds Dahab North
Sea Dragon Energy reported that the Transocean GSF Rig 103 arrived on location in Egypt and has been set up for drilling. The rig will drill the Dahab North prospect on the East Wadi Araba Concession offshore Egypt in the Gulf of Suez, reported Energy News.
The company said the Dahab North Prospect well has spud and is expected to take 45-60 days to drill. “We are excited to announce the spudding of our Dahab North offshore drilling prospect. With an anticipated timeframe of 45 - 60 days, we expect to be at total depth in the first quarter of 2009.
“Given the historical production in the adjacent Warda Field combined with our extensive seismic information, we look forward to the potential of our first prospect,” stated David Thompson, Sea Dragon's president and CEO. –Energy News
Mohieldin to open Egypt Capital Market Day in London
The London Stock Exchange will host the first Egypt Capital Market Day on Friday at its offices in Paternoster Square, with the participation of 11 major Egyptian companies. Some 200 meetings will be held between Egyptian, British and international investors and businessmen. Investment Minister Mahmoud Mohiejdin will launch the event held in association with EFG-Hermes and supported by the Egyptian Stock Exchange. – MENA
Taamir to finance units in Sixth of October
Taamir Mortgage Company (Taamir) has agreed to provide financing for buyers of residential units in a project built by Mixta Egypt (Mixta), a subsidiary of low-cost housing developer Mixta Africa, Noozz Editorial reported.
Mixta Egypt has secured 28 feddans of land in Sixth of October to build 1,232 low-cost residential units as part of the National Housing Project.
EFG announces buyback program
EFG Hermes announced a new share buyback program on Wednesday after buying 5 million shares from the market since Nov.17. The new program, which runs from
Nov. 26 to Dec. 25, is also for 5 million shares, representing 1.3 percent of the company's total capital and worth about LE 74 million ($13 million) at current prices. –Reuters
Proton may produce cars in Egypt
Malaysian carmaker Proton said it was probing ideas to manufacture automobiles in Egypt, using the production lines of the Egyptian Nasr Auto Company. Sources at Nasr Company said a delegation from Proton visited the headquarters of the Egyptian company and expressed desire to produce their models in Egypt. –Noozz
Egypt will compensate fertilizer companies for gas increases
Trade Minster Rachid Mohamed Rachid, said the government is obliged to compensate the public companies producing fertilizers for the increase in natural gas prices induced last July. Under the new agreement, the government will purchase the companies’ production for LE 1,000/ton instead of the current price of LE 750/ton as a compensation for the hike in energy prices. –Al-Masry Al-Youm
Nazif opens steel plant
Prime Minister Ahmed Nazif opened a new steel manufacturing plant with a total production capacity of 240k tons/annum with an investment cost of LE 250 million. On the other hand, Mohieldin said the new steel manufacturing plant the ministry is planning to establish through the Holding Company for Metallurgical Industries will have a production capacity of 1.5 million tons per annum.
The Holding Company for Metallurgical Industries plans to issue 20 percent of the new company through a public offering, reported the local press.
Eye on the market
Pioneers Holding announced its standalone results for the first nine months of 2008, reporting a net profit of LE 47.91 million compared to LE 2.79 million net losses during the same reporting period last year.
Egyptian Real Estate Group saw a surge in net profit of LE 12.40 million compared to LE 989,297 in 2007.
Arab Cotton Ginning’s third quarter results, recording a net profit before tax of LE 1.40 million, compared to LE 5.43 million recorded the same period the last year, a decrease of 74 percent.
