Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Stock market in six-year high http://www.egyptindependent.com//node/2437766 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/12/26/484151/__sqwt_mwshr_blbwrs_lmy_tswyr_mhmd_mrwf_4_536.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Egypt&rsquo;s stock market closed on a record high Thursday on the first session following Eid al-Fitr feast.&nbsp;</div><div><div>&nbsp;</div><div>The six-year high closure was prompted by intensive buying from foreign investors, especially in the real estate and banking sectors.</div><div>&nbsp;</div><div>Market capitalization gained nearly LE3.6 billion, moving up to LE501 billion. The total value of transactions stood at LE1.3 billion.</div><div>&nbsp;</div><div>EGX30, the main index, rose by 1.04 percent, EGX70 by 0.91 percent and EGX100 by 0.83 percent.</div><div>&nbsp;</div><div>Stock market gains this week, which saw only two sessions due to the holidays, stood at LE4.5 billion.</div><div>&nbsp;</div><div><em>Edited translation from MENA</em></div></div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div> Thu, 31 Jul 2014 14:34:00 +0000 MENA 2437766 at http://www.egyptindependent.com sites/default/files/photo/2013/12/26/484151/__sqwt_mwshr_blbwrs_lmy_tswyr_mhmd_mrwf_4_536.jpeg Egypt to buy 102,000 tons of diesel fuel in September http://www.egyptindependent.com//node/2437758 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/04/12/229/dscn1022.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><div><span style="font-size: 14px;">The General Authority for Supply Commodities plans to purchase 102,000 tons of diesel fuel to be delivered in September.&nbsp;</span></div><div>&nbsp;</div><div>GASC had previously sought to buy large amounts of fuel oil for delivery in the third quarter of 2014. The authority held two tenders for the purchase on Thursday and intends to close the door for offers on 6 August.</div><div>&nbsp;</div><div>Egypt had recently increased fuel prices in order to reduce energy subsidies in an effort to reduce the budget deficit.&nbsp;</div><div>&nbsp;</div><div>The country has relied heavily on fuel aid from Gulf nations to offset local shortage since the ouster of former president Mohamed Morsy.</div><div>&nbsp;</div><div><em>Edited translation from Reuters</em></div></div><p>&nbsp;</p> Thu, 31 Jul 2014 10:11:00 +0000 Reuters 2437758 at http://www.egyptindependent.com sites/default/files/photo/2013/04/12/229/dscn1022.jpg International bidders compete for manufacture of 700 train cars http://www.egyptindependent.com//node/2437707 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/08/14/481046/shutterstock_114380764.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Transport Minister Hany Dahy said Friday that international companies are vying to win a deal with the Egyptian side for the manufacture of 700 high-quality train cars.</span></div><div>&nbsp;</div><div>The minister told <em>Al-Masry Al-Youm</em> that a Hungarian offer enjoys several advantages, including the fact that manufacture will be implemented in Egypt. Dahy added that Hungary was one of the pioneering countries that has stood by Egypt in developing its railway sector in the 1970s.</div><div>&nbsp;</div><div>The minister vowed that passengers will witness an enhanced service starting September, with 18 new, air-conditioned cars coming into operation, divided onto two trains. Those, he said, are part of 212 cars being currently manufactured by the Arab Organization for Industrialization.</div><div>&nbsp;</div><div>Poor train conditions and maintenance were partially to blame for several train accidents in Egypt over the past years.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><div>&nbsp;</div> Fri, 25 Jul 2014 13:29:00 +0000 Al-Masry Al-Youm 2437707 at http://www.egyptindependent.com sites/default/files/photo/2013/08/14/481046/shutterstock_114380764.jpg Offshore platform to produce 150 million cubic feet of gas per day by 2016 http://www.egyptindependent.com//node/2437661 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/07/23/484151/_hos5461.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p><span style="line-height: normal;">The Petroleum Ministry said on Tuesday that the Italian company Edison began a new project in Egypt to produce natural gas from an offshore platform in the Mediterranean in coordination with its joint venture Abu Qir Petroleum (AQP) at an investment of US$220 million.</span></p><div>&ldquo;The project produces 150 million cubic feet of gas per day and 2,500 barrels of condensate,&rdquo; said AQP President Adel Hegazy, explaining that the project includes nine wells of which three have already been drilled and tested. &ldquo;Production is projected for 2016.&rdquo;</div><div>&nbsp;</div><div>He added that AQP already produces 242 million cubic feet of gas per day, 4,200 barrels of condensate and 276 tons of butane gas.</div><div>&nbsp;</div><div>&ldquo;Edison trusts the Egyptian market potential,&rdquo; he said.</div><div>&nbsp;</div><div>The Petroleum Authority has been buying gas from Edison since June 2012 for US$5.88 per million BTUs, a price linked to the price of the Brent crude.</div><div>&nbsp;</div><div>Edison has explorations in Abu Qir and the Rayan Valley in the Western Desert.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div> Wed, 23 Jul 2014 12:48:00 +0000 Al-Masry Al-Youm 2437661 at http://www.egyptindependent.com sites/default/files/photo/2014/07/23/484151/_hos5461.jpg