Egypt Independent: Economy-Main news en Gas shortage halts operations in fertilizer, iron plants <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><div>The majority of reinforcing steel and fertilizer plants in Egypt have halted operations as a natural gas shortage hits the country and supplies shrink from the national holding company.</div><div>&nbsp;</div><div>Supplies from EGAS have sharply receded as the company struggles to meet a rising demand from electricity stations.</div><div>&nbsp;</div><div>The shortage caused production to drop considerably, according to producers, who also noted that the supply for reinforcing iron in the market decreased by 40 percent.</div><div>&nbsp;</div><div>Gamal al-Garhy, head of the mettalurgical industries division at the Federation of Egyptian Industries&nbsp;(FEI), said sponge iron factories have also halted production due to a lack of gas. Garhy put losses at his Suez Steel Company at LE200 million monthly.</div><div>&nbsp;</div><div>The shortage of nitrogen fertilizers currently stands at 1 million tons, with a source at the fertilizers division at the FEI noting that the majority of plants are returning to fuel oil for operation.</div><div>&nbsp;</div><div>EGAS&rsquo;s director, Khaled Abdel Badie, attributed the gas shortage to an increase in supplies directed to electricity stations from 78 million cubic meters daily to 82 million.</div><div>&nbsp;</div><div>The Abu Qir Fertilizers Company, Egypt&#39;s largest supplier, halted one of its three chemicals plants over the past few days, with the remaining two working at 60 percent capacity. An official source at the company told <em>Al-Masry Al-Youm </em>that the company will not be able to deliver the amounts agreed to with the The Principal Bank for Development and Agricultural Credit for the summer agricultural season.</div><div>&nbsp;</div><div>&nbsp;</div><div><em>Edited translation from Al-Masry Al-Youm</em></div><div>&nbsp;</div><div>&nbsp;</div></div><p>&nbsp;</p> Wed, 01 Apr 2015 09:48:00 +0000 Al-Masry Al-Youm 2447196 at sites/default/files/photo/2013/11/27/228/21.jpg Egypt's market gains LE1.02 billion on Tuesday, EGX30 inches up 0.17 % <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>Egypt&#39;s main stock market index EGX30 inched up by 0.17 percent on Tuesday&#39;s session, reaching the record 9,134.78 points with a LE511 million turnover, the Egyptian Exchange data showed.<o:p></o:p><u1:p></u1:p><u2:p></u2:p></p><p>The broader EGX70 index came down by 0.02 percent, while the EGX100 index increased by 0.17 percent.<o:p></o:p><u1:p></u1:p><u2:p></u2:p></p><p>Foreign and Arab institutions were net sellers, recording net flows of LE24.12 million and LE2.13 million respectively, while local institutions were net buyers recording net flows of LE49.97 million.<o:p></o:p><u1:p></u1:p><u2:p></u2:p></p><p>EGX market capital gained LE1.02&nbsp;billion (US$133.7million) to hit LE506.20 billion compared to LE505.18 billion on Monday.<o:p></o:p></p> Tue, 31 Mar 2015 13:36:00 +0000 Egypt Independent 2447153 at sites/default/files/photo/2015/02/20/499612/cairo_stock.jpg Egypt's Edita says public offering 4.5 times oversubscribed <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p>The public tranche of Egyptian foodmaker Edita&#39;s secondary share issue on the Cairo bourse was 4.5 times oversubscribed, the company said in a statement on the stock exchange on Tuesday.</p><p>The company last week launched a private institutional offering of shares on the Egyptian stock exchange and global depository receipts (GDRs) on the London Stock Exchange.</p> Tue, 31 Mar 2015 13:07:00 +0000 Reuters 2447148 at sites/default/files/photo/2014/06/19/484151/217788_0.jpg Egypt to host signing of African free trade agreement in June <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><div>Egypt is discussing with its African partners the preparations for the conference it will host for the signing of an African free trade agreement, the Ministry of Industry and Trade said on Tuesday.</div><div>&nbsp;</div><div>Minister Mounir Fakhry Abdel Nour met on Tuesday with Sindiso Ndema Ngwenya, secretary general of the Common Market for Eastern and Southern Africa (COMESA) to discuss the logistics of the conference scheduled for 6-10 June.</div><div>&nbsp;</div><div>Abdel Nour has also attended the COMESA&rsquo;s 18th summit in Ethiopia, where he discussed the preparations for the agreement to be signed with COMESA, the Southern African Development Community (SADC), and the East African Community (EAC).</div><div>&nbsp;</div><div>The merger of the three economic communities, which jointly represent about US$1.2 trillion, 60 percent of the total economy of the African continent, and 625 million inhabitants, reveals the extent of the economic strength of this coalition, the minister said in earlier statements.</div><div>&nbsp;</div><div>The trade relations between Egypt and COMESA member states have recently improved, as the Egyptian exports to the member states reached $1.12 billion during the first half of 2014. The value of Egyptian imports from these countries during the same period was approximately $310 million.</div></div><p>&nbsp;</p> Tue, 31 Mar 2015 13:05:00 +0000 Mohamed Mostafa 2447147 at sites/default/files/photo/2014/12/17/94/mounir_fakhry_abdel_nour.jpg