Egypt

GUPCO to Invest $588M and Drill 11 Development well During 2023

Chairman of Gulf of Suez Petroleum Company (GUPCO) Salah Abdel Kareem stated that his company has a plan to invest $588 million during the fiscal year (FY) 2023/24 to enhance petroleum production rates to reach 70,000 barrels per day (bbl/d).

Abu Qir Fertilizers’ profits hike to EGP 7.23bn in H1-22/23 unaudited financials

Abu Qir Fertilizers achieved net profits after tax worth EGP 7.23 billion in the first half (H1) of fiscal year (FY) 2022/2023, higher by 125.86% than EGP 3.20 billion during the same period in the previous FY.

Egypt’s Suez Canal nets $8bn in new annual record

Suez Canal Authority announced Wednesday an all-time annual revenue record, earning $8 billion in transit fees in 2022, as the country balks under a worsening economic crisis.

Egypt’s chemicals exports grow 23% in 2022

Egypt exports of chemicals and fertilisers jumped by 23% during 2022 to $8.62 billion from $7.33 billion in 2021, the Middle East News Agency (MENA) cited Egypt’s Chemical and Fertilisers Export Council.

AMOC’s profits surge in H1-FY22/23 unaudited financials

The unaudited consolidated net profits of Alexandria Mineral Oils Company (AMOC) skyrocketed by 146% annually during the first half (H1) of fiscal year (FY) 2022/2023.

Sidpec targets net profits of EGP 889.6m in 2023

The board of Sidi Kerir Petrochemicals (Sidpec) approved the operating budget for 2023, aiming to achieve EGP 889.64 million in net profits.

A new chapter added to India-Egypt relations

Egypt plans to allot land to Indian industries in Suez Canal Special Economic Zone. A joint statement released by the two countries at the summit meeting said that the Indian side can arrange the master plan for the proposal.

Egypt signs $1.5 billion financing agreement with ITFC, CNBC Arabia reports

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation.