CAIRO: The Central Agency for Public Mobilization and Statistics (CAPMAS) disclosed Thursday in its annual bulletin for annual industrial production of the public sector in 2012/2013that the net value added rose by 34.1 percent.
The net value added reached 112.5 billion EGP in 2012/2013 as compared to 83.9 billion EGP in 2011/2012 due to the increased subsidies in petroleum-refining products industry.
Gross production reached 132.6 billion EGP in 2012/2013as compared to 119.9 billion EGP in 2011/2012 with an increase of 10.6 percent.
Value of production in extracting oil and natural gas rose by 38.2 percent due to the increase in extracted crude oil and natural gas. Value of production reached 3.8 billion EGP in 2012/2013 as compared to 2.7 billion EGP in 2011/2012.
Value of production in the petrol refining industry rose by 10.9 percent. It reached 87.4 billion EGP in 2012/2013 as compared to 75.4 billion EGP in 2011/2012.
Value of metal production, including iron, steel, casting and manufacturing precious metals, plunged by 4.3 percent. It reached 8.5 billion EGP in 2012/2013 as compared to 8.9 billion EGP in 2011/2012.
There are 147 Egyptian public sector companies; nine of which are holding companies, according to Ahram Gate.
Twelve public sector companies are petroleum companies, according to The Egyptian Petroleum Association’s website.
“These rising numbers in the petroleum sector totally make sense because public sector petroleum companies made settlements with foreign companies which extract petroleum in Egyptin order to pay their debts according to a schedule set in Prime Minister Hazem al-Beblawy’s time on the condition that these foreign companies will resume operating,” economic expert and former Head of Research Dept. at the National Bank of Egypt Dr. Salwa el-Antary told The Cairo Post Friday.
“Egypt paid 1.5 billion EGP as a first installment to foreign companies to resume operating and scheduled the rest of its debts to also be paid off,” Antary said.
“As for the plunge in metal production, the numbers also make sense because in 2012/2013, many strikes took place in Helwan’s iron and steel factories and the sufficient coal quantities necessary for operating such factories were not available then, which made the factories operate with very low capacity.” Antary added.