Day: March 6, 2023

Fitch Solutions forecasted that Egypt would lead the growth in the petrochemicals sector in Africa at the medium range due to the development of new projects that optimize the country’s upstream gas resources, noting that this sector will be crucial in handling the weak petrochemicals supply in the manufacturing sector which has witnessed a rapid growth after the 2016 currency floating.

The Fitch report was highlighted by the Cabinet’s Information and Decision Support Center (IDSC) as part of its regular follow-up of international reports that tackle the economic situation of Egypt.

The report underlined the State’s plans for a number of projects in the Suez Canal Economic Zone (SCZone), taking advantage of the country’s unique position in global trade routes to develop industries that improve national self-sufficiency, develop the country’s industrial base and provide export revenue.

Fitch also pointed out to the TCI Sanmar Chemicals, affiliated to India’s Sanmar Group, announcement of plans to invest dlrs 15 million in Egypt in 2023 to expand its production capacity for calcium chloride and polyvinyl chloride (PVC) by implementing four new production lines with a total capacity of 225,000 tonnes per year.

PVC production is expected to grow to 350,000 metric tonnes (MT) by March 2023 versus 245,000 MT achieved in 2021 with full capacity of 400,000 MT expected to be reached by the end of 2023, according to the report.

The report said Egypt produced 552,000 barrels per day of refined petrochemicals products in 2022, and the production will gradually reach up to 659,000 bpd by 2032.

Fitch also underlined the activities of the Egyptian Petrochemicals Holding company (ECHEM) which has four affiliated companies including one for producing methanol derivatives with a capacity of 110,000 tons annually that started operation in 2020 in Damietta.

It said the company has signed a construction deal worth dlrs 117 million in February, 2020, in partnership with Sun Egypt and Wadi El Nile and ZAFCOM companies.

Source: State Information Service Egypt

Prime Minister Moustafa Madbouli reviewed on Monday a report on efforts exerted by the Cabinet’s Supreme Medical Committee, which is chaired by Dr Hossam el-Masri, during February.

Madbouli praised the efforts made by the committee, its immediate response to citizens in medical distress, and its endeavors to provide the necessary medical care for them in coordination with the ministries and authorities concerned.

For his part, Masri told the premier that the committee responded to nearly 593 emergency calls announced by newspapers, news websites, and social media pages.

He further said that the responses during February included 253 treatment-at-state-expense decisions made by the premier, as well as 41 surgeries, and the issuance of 34 decisions to perform haploidentical bone marrow transplants.

He also said that committee’s efforts during the past month also included performing medical procedures for 130 tumor patients and gamma knife operations, providing drugs for 146 cases, and installing prosthetic limbs and prosthetic devices for 48 persons with special needs.

Source: State Information Service Egypt

Minister of Petroleum and Mineral Wealth Tarek El Molla conferred with President of Chevron International Exploration and Production Company Clay Neff on Egypt’s recent activities, its exploration plans in the oil concession areas as well as joint cooperation between the two sides.

The meeting was held on the fringe of the 41st annual gathering of CERAWEEK by S&P Global—the world’s preeminent energy conference, which opened Monday in the US city of Houston.

In statements, Molla asserted that efforts exerted by Chevron in Egypt are supported and followed up.

He said the company is about to reach good results in the field of exploration for oil in Egypt given the fact that it is one of the world’s leading integrated energy companies.

The minister asserted that the two sides’ partnership dated back to 1937, adding that Cairo is looking forward to increasing Chevron’s role as a reliable investment partner in Egypt’s oil sector.

He said the two sides signed a memorandum of understanding (MOU) in February to share best practices and expertise related to the reduction of methane emissions.

The MoU, witnessed by Neff and Molla, builds on the Sharm El Sheikh Oil & Gas Methane Reduction Roadmap that was announced by Molla during Decarbonization Day at COP 27 in November 2022. It is aligned with Egypt’s membership in the oil and gas track of the Global Methane Pledge.

Source: State Information Service Egypt

Head of the European Union Delegation to Egypt Christian Berger said Monday that an EU-Egypt political dialogue will be held in May this year.

The meeting is likely to be held in the second half of May, Berger said in press statements during his visit to the Upper Egyptian city of Aswan.

He stressed the importance of dialogue between Egypt and the EU to limit migration, noting that this year’s talks will focus on the economy and trade.

Berger also talked about a desire to organize a business forum between Egypt and the pan-European body. Negotiations are being held in Cairo and Brussels about how to bring together businessmen from both sides, especially those interested in investment in hydrogen and at the Suez Canal Economic Zone (SCZone), he noted.

During his visit in the Upper Egyptian City, the European ambassador is scheduled to attend the opening ceremony of the EU-supported Aswan International Women Film Festival (AIWF).

Berger will also attend several AIWF activities, including the Cinematic Arts Training Workshops.

While in Aswan, he is also set to inspect EU-funded projects, especially those meant to empower women and improve health.

Berger stressed the importance of boosting cooperation between the EU and Egypt, touching upon continued support for small and medium-sized enterprises (SMEs) in cooperation with the Project Development Authority.

Source: State Information Service Egypt

Foreign Minister Sameh Shoukry underscored Monday the importance of avoiding politicization of discussions in the UNESCO and agreeing on its resolutions.

During a meeting with Chairperson of the Executive Board of UNESCO Tamara Rastovac, the foreign minister said it is also important to focus on the main mission of the organization in promoting education, science and culture.

Spokesman for the Foreign Ministry Ahmed Abu Zeid said Shoukry welcomed Rastovac who started her tour of the Arab region with Cairo, which hosts the first office of the organization.

Abu Zeid added the meeting reviewed ways of promoting the role of UNESCO in backing requests of member states to restore their heritage and stolen cultural properties.

Rastovac, on her part, said she is keen on posting the foreign minister on issues that pose serious challenges to the work of the organization at present.

Source: State Information Service Egypt

The proceedings of the 159th session of the Arab League Council at the level of permanent representatives kicked off Monday at the league headquarters in Cairo under Egypt’s presidency.

The permanent delegates will discuss the draft agenda of the council at the ministerial level on Wednesday under Egypt’s presidency.

The agenda includes political, economic and social files topped by Palestine, Yemen and Syria, in addition to Arab relations with regional, international and African blocs.

The participants will also discuss Iran’s interferences in the domestic affairs of Arab countries.

Source: State Information Service Egypt

The cabinet’s media center denied reports on issuing a decision to change the name of the city of “Saint Catherine” to the “Great Transfiguration” city.

In a statement on Monday, the center said that it contacted South Sinai governorate that dismissed as “groundless” such reports.

It stressed that the name of the city of St. Catherine has not been changed in order to preserve its historical and archaeological identity and international fame.

The center called on social media users to verify the authenticity of any news circulated on the internet to avoid perplexing the public opinion.

It made it clear that the “Great Transfiguration” is a project implemented near St. Catherine in South Sinai to turn the sacred mountainous area into a spiritual shrine and a destination for mountain, medical and environmental tourism.

Source: State Information Service Egypt