Ceramics manufacturers secure better repayment terms for natgas debts
Ceramic manufacturers have secured easier repayment terms for natural gas debts after the Oil Ministry agreed to let them pay over 10 years at 7% interest, the local press reports. The Egyptian Federation of Investors Associations has been lobbying the ministry to offer companies better terms and originally wanted a 15-year repayment period.
Two pieces of oil and gas news for you this morning: SDX Energy finally struck gas at its South Disouq concession in December and estimates to have found 24 bcf of gas at the exploration well, the company said yesterday. Meanwhile, United Oil and Gas has kicked off its first drilling campaign in Egypt this year with its ASH 3 development well at its Abu Sennan concession, it said in a statement. The oil well is expected to be cleared for production in two months time once testing and drilling is complete.
Other things we’re keeping an eye on:
- Sarwa Life Ins. Company has launched (pdf) its first fixed-income investment fund. It will be managed by Misr Capital and will invest in treasury bills, corporate bonds, sukuk, central bank certificates and repurchase agreements, and other short-term securities, with tenors of no longer than 150 days.
- Shuaa Capital is investing in music streaming service Anghami, as the fund directs its portfolio towards technology and services.
- Egypt Ventures invested EGP 104 mn last year in startups and accelerators.