Egypt | - Part 41

Chile’s ENAP to build $30 mln oil pipeline in Egypt

SHARM EL SHEIKH, Egypt (Reuters) – A subsidiary of Chile’s state oil company ENAP will invest $30 million to build a 90 km oil pipeline in Egypt’s Western Desert, the country’s ambassador told Reuters at an international conference on Friday in the Red Sea resort of Sharm El Sheikh.Jose M. De la Cruz said the pipeline would allow the company to extract oil from a new discovery west of Cairo and sell it to the…

GE delivers turbines to Egypt as part of $1.9 bln dea

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SHARM EL-SHEIKH, Egypt (Reuters) – General Electric Co has delivered a shipment of gas turbines to Egypt as part of a $1.9 billion deal to boost power capacity, and will invest $200 million in a planned economic zone near the Suez Canal, the firm said on Friday.The announcements were made at a conference where Egypt hopes to secure billions of dollars in investment after years of political turmoil, focusing on energy and the Suez Canal…

Egypt eyes deals worth $15-$20 billion at investment summit

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SHARM EL-SHEIKH (Reuters) – Egypt expects to sign agreements worth up to $20 billion at a weekend investment summit in the Red Sea resort of Sharm el-Sheikh, its investment minister said on Friday.Egypt wants the conference to project an image of stability and deepen investor confidence after four years of political and economic turmoil triggered by a 2011 uprising that toppled veteran ruler Hosni Mubarak.Cairo hopes the summit will allow it to double foreign investment…

African Market Watch: Thurs, 12th March 2015

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Egypt: The Egyptian Exchange (EGX) indices showed mixed performance on Thursday, while market capitalisation fell by around EGP 1.3 billion amid pressure from national and Arab sell-offs. The benchmark index EGX30 erased most of its early gains, ending 0.67% higher at 9,640.77 points. The small and mid-cap index EGX70 sagged 0.11% to close at 556.3 points, while the broader index EGX100 inched 0.02% lower to 1,120.18 points. Thursday’s turnover amounted to EGP 821.9 million, generated…

Siemens to supply turbines for Egyptian power plant

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CAIRO, March 10 (Reuters) – Siemens will supply four turbines to a power plant near Egypt’s Suez City to add more than 650 megawatts (MW) of power generation to the creaking national grid, suggesting that government efforts to encourage investment are bearing fruit. The German industrial group said on Tuesday it was awarded a contract to supply the E-Class turbines to the Attika Power Plant under a supply contract with El Sewedy Power System Projects….

African Market Watch: Wed, 11th March 2015

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Egypt: The Egyptian Exchange (EGX) slid on Tuesday, losing around EGP1.3 billion of its capitalisation as traders booked gains from most leading stocks. The benchmark index EGX30 shut slightly lower by 0.04% at 9709.5 points, while small and mid-cap index EGX70 lost 0.52% to 566.38 points. The broader index EGX100 ended 0.34% lower at 1132.29 points. Today’s turnover amounted to nearly EGP 2 billion, while traded volume reached 153.2 million shares and number of transactions…

Egypt bourse expects 7-8 stock listings by mid-2015: chairman

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ABU DHABI (Reuters) – The chairman of the Egyptian stock exchange expects seven or eight companies to list on the bourse by mid-2015, he said on Wednesday.Mohammed Omran told a securities conference in Abu Dhabi that three large companies had already gone public in Egypt this year. However, it wasn’t immediately clear whether these three companies were part of Omran’s calculations for initial share sales in the first half of 2015.Orascom Construction began trading on…

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