Arab Finance: A consortium of four state-owned petrochemicals firms has selected Gama Construction as the private sector’s sole representative to set up a firm for importing US shale gas in June, a government official told Al Arabiya Business.

Comprised the Egyptian Petrochemicals Holding Company (ECHEM), Sidi Kerir Petrochemicals (Sidpec), the Egyptian Ethylene and Derivatives Company (Ethydco), and the Egyptian Natural Gas Company (GASCO), the consortium will establish the firm with a capital exceeding $600 million.

The capital will be paid in three phases, with around $340 million for the project’s first phase, the source said.

40% of the project’s capital will be provided by the company’s shareholders, while the remaining 60% will be arranged via bank loans, he added.

Sidpec, Ethydco, and Gama Construction will each hold a 25% stake in the new company, while ECHEM and GASCO will own 15% and 10%, respectively.

The contract also includes the delivery of natural gas shipments ranging between 600,000 and 1 million tons annually at El-Dekhila Port in Alexandria, which will be all directed to Sidpec and Ethydco to meet 100% of their production capacities, the source said.

Egypt to boost mazut supplies to power plants by 11% in July Updated 6/27/2024 2:29:00 PM

Government postpones raising electricity prices until September Updated 6/27/2024 8:39:00 AM

Fertilizers prices up 54% MoM in June amid natural gas supply shortfall Updated 6/27/2024 7:56:00 AM

Egypt to start actual operation of Norway’s FSRU Hoegh Galleon next week Updated 6/26/2024 2:50:00 PM

Carlyle Group acquires assets of Energean in Egypt Updated 6/26/2024 10:39:00 AM