Egypt Zones accountACCOUNT

Egypt Govt to Appeal Court Order Re-nationalizing Assiut Cement

Source: Ahram Online  9/18/2012, Location: Africa

Share |
The Egyptian government plans to file an appeal against a court ruling re-nationalizing Egyptian building-materials Company Assiut Cement, Industry and Foreign Trade Minister Hatem Saleh told Ahram Online. Since its privatisation in 1999, Assiut Cement has been 95.8 per cent owned by multinational building-materials firm CEMEX. On the sidelines of Tuesday's Egyptian National Competitiveness Conference, Saleh said the government would grant seven new licenses for Egypt-based cement companies once ongoing energy shortfalls were resolved.

The minister added that the government was currently studying several proposed initiatives, including allowing private companies to produce energy to be sold directly to private enterprises. Saleh revealed that only 50 companies accounted for 60 per cent of Egypt's total industrial energy consumption. "We're talking about industries that are heavy consumers of energy, especially fertilisers, steel and cement manufacturers," he said. "These enterprises must pay the full price [for energy] so we can support more labour-dependent industries."

The minister went on to stress, however, that prices for energy paid by heavy industrial consumers were very close to international prices. He failed to specify, however, whether these prices would be subject to further revision. In August, Saleh had stated that the Egyptian government would not be responsible for providing subsidised energy to 14 new cement factories. Saleh's statements came in line with Egypt's 2012/13 state budget – prepared by the previous government of Prime Minister Kamal El-Ganzouri and approved by Egypt's military council – which stipulates a whopping 27 per cent cut in fuel subsidies to LE70 billion, down from LE95 billion in last year's budget. As for a decision issued in mid-July to increase water and gas prices – to be applied retroactively since 2008 – for heavy energy consumers, Salah said the decision had been revised and wouldn't be applied retroactively but would rather be calculated from the beginning of the current year.

Financials and Investment News in Egypt >>

Egypt >>  11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
Egypt >>  11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...

Egypt >>  11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
Egypt >>  11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...

Egypt >>  11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
Egypt >>  11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.

The Cabinet is set to add...





Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 |

More News

Oil & Gas Companies in Egypt >>

Related Links

Egypt Zones
Copyright © Universal Solutions All rights reserved. - Privacy Policy.