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Economy News: $2.4 billion investment cost for MIDOR refinery in Alexandria

Today, Saturday, 26-6-2021, the Egyptian economic news varied, most notably the follow-up to the Midor refinery expansion project, which is currently being implemented in Alexandria, at an investment cost of about $2.4 billion.

Petroleum: $2.4 billion, the investment cost of the MIDOR refinery in Alexandria

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, accompanied by Major General Mohamed El Sherif, Governor of Alexandria, and a group of members of the Energy and Environment Committee in the House of Representatives headed by Representative Hossam Awadallah and leaders of the petroleum sector, inspected the Midor refinery expansion project, which is currently being implemented in Alexandria Governorate, at an investment cost of about $2.4 billion. Within the framework of the refinery development strategy implemented by the ministry with the aim of securing the local market’s needs of petroleum products in order to achieve self-sufficiency, as the new expansions add a 60% increase in the current operating capacity of the refinery, which currently stands at 100,000 barrels, to contribute to providing new capacities of high-quality petroleum products. .

60% of the 19,344 housing units implemented on the central ring road in the new crossing

Mai Abdel Hamid, CEO of the Social Housing and Real Estate Finance Support Fund, inspected the units of the presidential initiative, housing for all Egyptians for low-income people, accompanied by Eng. Kamal Bahgat, Assistant Vice President of the Urban Communities Authority for the Urban Development Sector, and Eng. Ahmed Ali, Head of the City Authority, and officials of the device and project. To follow up the progress of work in light of the directives of the political leadership to pay attention to national projects in all new cities.

During their tour, housing officials inspected the housing units in the 13th and 14th districts located on the central ring road in the city, to determine the implementation rates. The 13th and 14th districts include 806 buildings with a total of 19,344 housing units, with an average implementation rate of 60% for all buildings at an investment cost of EGP 5 billion.

The CEO of the Social Housing and Real Estate Finance Support Fund indicated that the implementation of these units began in June 2020, and the structure and finishing works are underway, and the implementation and delivery of the units is expected to be completed next year.

The Minister of Industry is discussing with a number of Russian companies to enhance their investments in Egypt

Minister of Trade and Industry Nevin Gamea concluded her visit to the Russian capital, Moscow, during which she chaired the meeting of the Egyptian-Russian Joint Committee for Trade, Economic, Scientific and Technical Cooperation, with the participation of representatives from all ministries and relevant authorities.

The visit received great attention from the Russian media, as the minister made a number of press and television statements, during which she confirmed the consensus of visions between officials of the two countries to make a qualitative leap in joint relations in various fields and at all levels.

On the sidelines of the visit’s activities, Jameh held intensive meetings with a number of Russian companies wishing to be present in the Egyptian market during the next stage, where she affirmed the Egyptian government’s keenness to provide a favorable investment climate to attract foreign investments to invest in the Egyptian market, noting that the establishment of the Russian industrial zone in the area The Suez Canal represents a fulcrum for attracting many Russian companies to invest in Egypt.

"Industrial Modernization" and Industrial Development discuss ways to invest a Russian company in Egypt

The Executive Director of the Industrial Modernization Center, Eng. Mohamed Abdel Karim, and the President of the Industrial Development Authority, Mohamed Al-Zalat, met with officials of a Russian company interested in industrial investment in Egypt, and the company was invited to visit the various industrial zones in Egypt.

This came on the sidelines of expanded discussions held by Minister of Trade and Industry Neven Gamea, with Russian Minister of Industry and Trade Denis Manturov on the sidelines of their chairing of the meetings of the 13th session of the Egyptian-Russian Joint Committee, currently being held in the Russian capital, Moscow.

The Executive Director of the Industrial Modernization Center and the head of the Industrial Development Authority also held a meeting with officials of the Russian Economic Union to cooperate with African countries, and several topics were discussed, including ways of cooperation between the authorities, including the field of joint manufacturing, trade exchange, technology transfer and industrial investment for Egypt.