LNG exports up, Edita eyes new markets
Egypt natgas exports rebound: Egypt exported 1 mn tonnes of liquefied natural gas (LNG) in 3Q2021, up from just 100k tonnes in the same period last year, according to the Organization of Arab Petroleum Exporting Countries’ (OAPEC) latest report (pdf). Gas exports have been given a boost by the return of the Damietta liquefaction plant, which shipped 600k tonnes of LNG during the quarter and 1.6 mn tonnes since it was brought back online in February.
Edita plans to expand to two new markets in the next five years, with one expansion slated for next year, CEO Hani Berzi told Al Mal. Edita has not yet allocated a specific budget or timeline for the expansion, IR director Menna Shams El Din told Enterprise. The move comes as part of a larger plan for regional expansion, including Edita’s new facility in Morocco, where its first production line is set to become operational this month.
Vodafone Egypt submitted ownership restructuring papers to the NTRA last Wednesday as part of Vodafone Group’s plans to transfer its 55% stake in the company to its sub-Saharan African subsidiary Vodacom in a EUR 2.72 bn transaction.
Other things we’re keeping an eye on this morning:
- The Trade and Industry Ministry is scrapping import duties on iron billets, steel rebar and aluminum products earlier than expected, citing the global energy crisis and soaring raw material prices, according to a ministry statement. The ministry had first introduced a 16% tariff on steel billets and 25% on steel rebar provisionally in 2019, with an eye to taper them off over a three-year period. They were reduced in May to USD 46 per tonne, and USD 85 / tonne on steel rebars, and were scheduled for another reduction in April 2022.
- Danish industrial conglomerate AVK Group is looking to establish two water desalination and sewage treatment projects in the new capital and Damietta. The company is currently in the negotiations process with the Egyptian government.