Back to the complete issue
Wednesday, 6 January 2021

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.