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Egypt offers military training to Libya, cites Islamic State threat
CAIRO (Reuters) - Egypt has offered to train pro-government forces battling rival armed groups in Libya, stepping up efforts to eradicate what it says is a threat to its own stability from the anarchy engulfing its neighbor. The offer was the latest sign of intervention by competing Arab powers in Libya - a haven for Islamist militants and close to becoming a failed state - while Western ...
Tue, 30 Sep 2014 22:21:02 -0700

Egypt's Qalaa Holding eyes $560 million capital boost -sources
By Lin Noueihed CAIRO (Reuters) - Egypt's Qalaa Holding is considering a share issue worth some 4 billion pounds ($560 million) as part of efforts to tighten control of its core investments and end years of losses, sources with knowledge of the deal said. The non-cash transaction would involve exchanging shares in the holding company for larger stakes in the firms in which Qalaa has invested. If ...
Wed, 01 Oct 2014 06:20:39 -0700

Egypt's top refinery hopes expansion will revive exports
By Ehab Farouk and Abdel Rahman Adel ALEXANDRIA Egypt (Reuters) - Egypt's largest oil refinery hopes a planned expansion will allow it to export after years of production being diverted to the domestic market, the company's chairman said in an interview at the Midor refinery. Mohamed Abdel Aziz said the refinery would increase capacity to 160,000 barrels per day by end-2017 from 100,000 barrels ...
Tue, 30 Sep 2014 00:00:30 -0700

Egypt's FIHC buys 12,000 tonnes sunflower oil in tender
ABU DHABI/HAMBURG (Reuters) - Egypt's state-owned Food Industries Holding Company (FIHC) has bought 12,000 tonnes of sunflower oil in a tender, traders said on Wednesday. The oil was purchased from ADM at $829 a tonne, cost and freight, the traders said, for arrival Oct. 25 to Nov. 15. Traders had told Reuters ADM was the only firm to make an offer, adding that a delay in the payment of letters ...
Wed, 01 Oct 2014 07:34:48 -0700

New factory could allow Egypt to start exporting petrochemicals to Europe
By Ehab Farouk ALEXANDRIA Egypt (Reuters) - A new state-owned ethylene factory due to start production in Alexandria next year could save Egypt about $500 million on annual imports and allow it to begin exporting petrochemicals to Western Europe and Africa, its chairman said. ...
Mon, 29 Sep 2014 00:59:35 -0700

Egypt's Sisi delivers economic reforms but hurdles remain
By Stephen Kalin CAIRO (Reuters) - In his first 100 days in office, Egyptian President Abdel Fattah al-Sisi has made a fast start on economic reform: slashing costly fuel subsidies, raising taxes and devising infrastructure projects to secure long-term revenues and ease unemployment. Those are moves that have long been sought by foreign investors. But winning their full confidence will require ...
Tue, 30 Sep 2014 06:51:53 -0700

Egypt, Libya plunge in Africa governance index
London (AFP) - Egypt and Libya plunged in an annual ranking of good governance in Africa released Monday whose publishers also warned the raging Ebola epidemic will have a political fallout for the already fragile countries affected.
Mon, 29 Sep 2014 10:01:26 -0700

Egypt finance minister: FY 2013/14 deficit was 252 billion Egyptian pounds
Egypt's finance minister said on Wednesday the total budget deficit for the fiscal year that ended in June was 252 billion Egyptian pounds ($35.2 billion), accounting for 12.5 to 12.6 percent of GDP, state news agency MENA reported. Hany Dimian told a news conference that the government had targeted the deficit falling to just 9 percent of GDP, "but it rose (due) to the lack of implementation of ...
Wed, 01 Oct 2014 08:04:45 -0700

Egypt aims to pay $2 bln to $3 bln of debt to oil firms by end of 2014 -minister
CAIRO (Reuters) - Egypt aims to pay back $2 billion to $3 billion it owes to oil and gas companies by the end of the year, the oil minister said on Tuesday, as the government tries to spur new investment to boost supplies. The Arab world's most populous country faces its worst energy crisis in decades. Debt owed to energy companies in Egypt totalled $5.9 billion in May, the latest official ...
Tue, 30 Sep 2014 05:39:54 -0700

Dana Gas signs deal to recover $280 mln owed by Egypt
DUBAI (Reuters) - Dana Gas has signed a revised deal with Egypt that will help it to recover most of the $280 million it is owed by the government for exploration and production assets in the country, the United Arab Emirates energy company said. Political turmoil and violence since the 2011 revolt that ousted Egyptian leader Hosni Mubarak has hit the economy hard and Egypt has struggled to pay ...
Tue, 30 Sep 2014 07:20:25 -0700

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