Egypt’s business digest Oct.26: Egypt’s gas production rise to 4,630 mln cubic feet after new discoveries: EGAS
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)

CAIRO: No more browsing from site to site, view the top business news stories on Oct. 26 here:

 

 

Egypt’s natural gas production rise to 4,630 mln cubic feet after new discoveries: EGAS

The Egyptian Natural Gas Holding Company (EGAS) annoucned that Egypt’s production increased last year to 4,360 million cubic feet after new gas discoveries.

Last year, Italy’s ENI annoucned discovering “the largest ever” offshore natural gas field in the Mediterranean off the Egyptian coast known as the Zohr Project.

In June 2016, BP Egypt annoucned an gas discovery in Egypt’s East Mediterranean. In August, Shell discovered new gas field with reserves of 500bn cubic feet in the western desert.

 

Egyptian expatriates transfers down to $1.2 bln this year – official

Egyptian expatriates’ money transfers declined to $1.2 billion in August, compared to $1.3 billion last year, Youm7 quoted a senior bank official.

 

EGX opens Wednesday session at collective rise

The Egyptian Stock Exchange (EGX) opened Wednesday session at a collective rise to its indexes, Youm7 reported.

EGX30 rose by 0.22 percent, and EGX50 increased by 0.33 percent, while EGX20 jumped by 0.22 percent, EGX70 increased by 0.12 percent and EGX100 rose by 0.12 percent.

 

Egypt needs smart phones worth $12 mln for 4G license

An official source at a large smart phone market said that the Egyptian market needs smart phones worth $12 billion to be set to the fourth generation 4G mobile license.

The source said that the government is planning to build an electronics factory in the technological district in Borg el-Arab region in Alexandria for this purpose.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Tuesday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.6 EGP for purchase and 9.6 EGP for sale.

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