Egypt Independent: Economy-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en Russia’s Gazprom to supply Egypt with liquified natural gas shipments http://www.egyptindependent.com//node/2438433 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2014/08/26/484151/241264_0.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-bfdaf29c-7981-bb45-2a10-fe1627d4c4a3" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 15px; line-height: 1.5em; background-color: transparent;">Trade and Industry Ministry Mounir Fakhry Abdel Nour announced on Monday that the Russian Gazprom agreed to provide Egypt with seven liquified natural gas shipments. Neither quantity or time were revealed.</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">&ldquo;Egypt will receive the first shipment in early December,&rdquo; the minister told the Russian Prime news agency, adding that Gazprom has signed a contract with Egyptian Natural Gas Holding Company (EGAS).</span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">Egypt has also offered that Gazprom takes part in tenders to explore oil and gas fields in the country. </span></p><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;">&ldquo;The company has received suggestions, but has not participated in tenders yet. We intend to cooperate with Gazprom in any format,&rdquo; Abdel Nour added.</span></p><br /><br /><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:15px;font-family:Arial;color:#000000;background-color:transparent;font-weight:normal;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;">Edited translation from MENA</span></p> Wed, 17 Sep 2014 23:30:00 +0000 Al-Masry Al-Youm 2438433 at http://www.egyptindependent.com sites/default/files/photo/2014/08/26/484151/241264_0.jpg Govt to form body for the development and use of new energy http://www.egyptindependent.com//node/2438466 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2012/07/11/54605/copy_of_copy_of_wind.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>The Cabinet has on Wednesday passed a draft resolution to form a body for the development and use of new and renewable energy.</div><div>&nbsp;</div><div>The new body, which would report directly to the minister of electricity and energy, would be responsible for diversifying sources of electric power, reducing fuel consumption of thermal stations and protecting the environment from carbon emissions.&nbsp;</div><div>&nbsp;</div><div>It may form subsidiaries or joint ventures so as to encourage investment in power plants from renewable energy sources.</div><div>&nbsp;</div><div>It should aim to increase renewable energy sources, including hydropower, to reach at least 20 percent of the total electric energy.</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Wed, 17 Sep 2014 13:05:00 +0000 Al-Masry Al-Youm 2438466 at http://www.egyptindependent.com sites/default/files/photo/2012/07/11/54605/copy_of_copy_of_wind.jpg Wheat reserves sufficient until mid February http://www.egyptindependent.com//node/2438455 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2013/11/19/481046/shutterstock_130958987.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Egypt has contracted for the purchase of 180,000 tons of French wheat needed for the production of local subsidized bread.</span></div><div>&nbsp;</div><div>The amount, obtained by the General Authority for Supply Commodities through &nbsp;an international bid, the seventh to be held since the start of the new fiscal year, is scheduled for delivery over ten days starting 11 October.</div><div>&nbsp;</div><div>Minister of Supply and Internal Trade Khaled Hefny said Wednesday the amounts bought were sold for US$247.49 per ton, adding that the total wheat reserve is sufficient until mid February.</div><div>&nbsp;</div><div>The minister reiterated that Egypt purchases wheat from several countries through international bids, such as Russia, Romania, Canada, France, Argentina, the US and Ukraine instead of focusing on &nbsp;a specific exporter.</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry al-Youm</em></div><div>&nbsp;</div> Wed, 17 Sep 2014 07:27:00 +0000 Al-Masry Al-Youm 2438455 at http://www.egyptindependent.com sites/default/files/photo/2013/11/19/481046/shutterstock_130958987.jpg Arab network for labor market information http://www.egyptindependent.com//node/2438451 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2012/05/01/72636/labour_day_protest__hamdin_sabahi-11.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Minister of Manpower and Immigration Nahed Ashry and Ahmed Luqman, director general of the Arab Labor Organization, on Tuesday launched the Arabic Network for Labor Market Information on the sidelines of the Arab Labor Conference currently being held in Cairo.&nbsp;</div><div>&nbsp;</div><div>&ldquo;It is one of the most important projects by the Arab Program for the Reduction of Unemployment,&rdquo; Ashry said, noting that the project monitors the size of the manpower in the Arab countries in order to utilize it fully for the labor market needs.</div><div>&nbsp;</div><div>She said the project also provides labor market information for statisticians, decision makers, business owners and job seekers. In addition, it helps&nbsp;<span style="font-size: 14px;">develop mechanisms for recruitment and remote training.</span></div><div>&nbsp;</div><div>For his part, Luqman said the project provides a statistical database.</div><div>&nbsp;</div><div>&ldquo;We know the importance of numbers,&rdquo; he said, adding that the labor ministers of the Arab countries supported the network.</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div> Tue, 16 Sep 2014 12:30:00 +0000 Al-Masry Al-Youm 2438451 at http://www.egyptindependent.com sites/default/files/photo/2012/05/01/72636/labour_day_protest__hamdin_sabahi-11.jpg