Egypt’s business digest June 30: Eni begins digging 5th gas well in Zohr Field
Eni's Bouri Offshore oil terminal is seen off the Libyan coast, in the Mediterranean sea, Tuesday, Aug. 1, 2015. The Italian energy company announced it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. (AP Photo/Gregorio Borgia)
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Eni begins digging for Zohr’s fifth gas well

Italian energy company Eni has finished the digging work of the fourth gas well in Zohr Mediterranean gas field and has begun digging for the fifth well. Six wells should be producing gas by the end of 2017 with a capacity of a billion cubic meters of gas daily.

 

1888 Menoufia aqueduct to be replaced

A new aqueduct will be established in Menoufia, the Delta to replace the 128-year old Bagouria aqueduct. The project will cost up to 70 million EGP, head of the Water tanks and Aqueduct Sector at the Irrigation Ministry Ahmed Karrat told Youm Thursday.

 

Mahalla Textiles loses 659.7M EGP

Mahalla Textiles Company lost about 659.7 million EGP in the fiscal year 2015\2016 with plans to reduce losses to 500 million EGP in the next fiscal year, Youm7 reported. The losses were attributed to the lack of cotton, marketing problems, dilapidating machines, and rising gas and fuel prices.

 

Water, wastewater facilities being built at new administrative capital at 250M EGP

Egico, a company affiliated with the Holding Company for Construction and Development, is establishing facilities at the New Administrative Capital at a cost of 250 million EGP, head of Egico Ahmed Abou Shabana told Youm7 in a Thursday report.

 

Growth of Al-Ahly Bank’s deposit portfolio 21%

The growth of the deposit portfolio of Al-Ahly Bank amounted to 21% in the past 11 months from 484 billion EGP to 535 billion by the end of May 2016, member of the the bank’s board Hussein Refaei told Youm7 in a Thursday report. The growth expected in the next fiscal year is 15%.

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