From the Egypt Daily News

The General Union for Engineering and Mineral Industries requested the reduction of the price of natural gas for aluminium, metal and fertilisers plants in a conference held Sunday.

The head of the union, Khaled El-Fekki, said the request comes following the government’s decision to reduce natural gas prices for steel factories, state-run MENA reported.

Last week, Minister of Industry Tarek Qabil announced that the government will reduce the price of natural gas provided to steel and iron factories from $7 to $4.5 per 1m BTUs.

According to the minister, the decision was taken to reduce the amount of foreign currency paid to import steel from abroad.

Qabil hopes the decision will contribute to the resumption of suspended factory operations, expecting that the steel export bill will consequently increase to $600m, which is expected to draw $170m into the country in tax revenues.

Continue reading story…

Legal Notice