Egypt’s business digest Oct. 25: Saudi Aramco did not notify Egypt on arrival of November oil cargo yet: official
Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo
By

CAIRO: No more browsing from site to site, view the top business news stories on Oct.25 here:

Saudi Aramco did not notify Egypt on arrival of November oil cargo yet: official

The Saudi Aramco Co. did not verbally or officially notify the Egyptian government about the shipping and arrival of November oil cargo yet, an official from the Egyptian Ministry of Petroleum told Youm7 on Tuesday.

He the official who spoke on condition of anonymity as he was not authorized to brief the media added that deal contract between Egypt and the Saudi Company is still valid.

In early October, Aramco suspended the oil supply to Egypt for October, stating no reasons behind the suspension. However, this move came after Egypt has voted for a Russian-drafted resolution on Syria at a meeting in the United Nation Security Council (UNSC), a step stirred Saudi Arabia’s anger.

In case that Aramco abstained from supplying the oil cargo to Egypt for November, the Egyptian General Petroleum Corporation (EGPC) will put in a tender to import its oil needs, the official continued.

 

Loan agreement with IMF to be signed in 2 months: PM

Prime Minister Sherif Ismail announced that a loan agreement with the International Monetary Fund (IMF) is expected to be signed by the end of 2016.

“Egypt will receive the first tranche totaling $4 b early 2017 but we must stick to the reform process and devalue the Egyptian Pound if we are to secure further payments of the loan,” said Ismail in the interview aired on the privately-owned channel CBC on Monday.

The $12 billion loan facility that the International Monetary Fund has preliminarily agreed to provide for Egypt will be divided into three tranches, each worth $4 billion, the fund’s mission chief Chris Jarvis told Al Ahram in August.

During the interview, Ismail said the government is working “on all tracks” and that investment is not just a new law to be issued, but the government seeks to find several incentives to encourage foreign investments.

 

Egypt Suez Canal revenue rises to $447.6 mln in August

(Reuters) Egypt’s Suez Canal revenue rose to $447.6 million in August compared with $429 million in July, data from the Cabinet Information Center showed.

The canal is one of Egypt’s main sources of foreign currency. Egypt has been struggling to revive its economy since a 2011 uprising scared away tourists and foreign investors, other main sources of hard currency.

 

Egypt has seized 9,000 tons of sugar in raids so far

Egypt has seized 9,000 tons of sugar in recent raids on factories and warehouses, the prime minister said on Monday, describing the move as necessary to deal with a shortage of the commodity.

Sugar has all but vanished from supermarkets, prompting media talk of a crisis and pushing the state to rapidly increase imports despite an acute dollar shortage and soaring global prices of the sweetener.

Egyptian authorities have raided sugar factories and distributors in recent days as they blamed traders and suppliers for hoarding and smuggling supplies.

Prime Minister Sherif Ismail told Egypt’s CBC channel in an interview that the raids have had a “positive impact” and sugar stocks were enough to cover the country for three months.

“There are some negative points that we are dealing with but they were a limited number of cases,” he said. “We can’t leave the market without supervision. … Monitoring is necessary.”

Edita Food Industries, Egypt’s maker of Twinkies, said on Monday its sweet factory in Beni Suef had been shut for three days after authorities seized its sugar.

Edita said it was holding normal levels of sugar stocks obtained legally from the private sector and not the black market, which the government is trying to dry up through the ongoing raids.

Egypt consumes around 3 million tons of sugar annually but produces just over 2 million tons. The gap is filled by imports, usually between July and October when local beet and sugar cane supplies have wound down.

 

Egypt to issue $2 bln in international bonds, roadshow in Nov

(Reuters) – Egypt will issue roughly $2 billion in international bonds, less than previously announced, and will begin a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy said on Monday.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.

Egypt said in August it planned to issue $3 billion to $5 billion in international bonds at the end of September.

Garhy told an American Chamber of Commerce event in Cairo that the bond was now likely to be marketed next month, and said later in the day that the amount would likely be lower than previously announced.

“We’re talking about $2 billion, give or take, but it will be in this range, depending on market circumstances,” Garhy said later on Monday during a television interview.

 

USD exchange rate ‘stable,’ reaches 8.78 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Tuesday 8.58 EGP for sale and 8.88 for purchase. Euro exchange rate reached 9.76 EGP for purchase and 9.78 EGP for sale.

 

Recommend to friends

Leave a comment