CAIRO: Workers from five service companies owned by the Suez Canal Authority in the cities of Suez, Port Said and Ismailia began an open-ended sit in on Wednesday. Over 6,000 protesters have agreed that they will not go home today once their shift is over and will continue their sit-in in front of the company's headquarters until their demands are met. They are protesting low wages and deteriorating health and working conditions and demanded that their salaries and benefits meet the standard of those working for the Suez Canal Authority. “The strike will not affect the operation of the Suez Canal and movement of ships. These companies work in areas far from the canal zone and movement of ships,” a senior official told Reuters. 46 ships crossed the Canal on Wednesday. A report by the Suez Canal Authority said the revenue from the Canal dropped 1.6 percent to $416.6 million in January from $423.4 million in December, but was up 8.6 percent from a year earlier. Egyptian officials have said the Suez Canal would not be affected by the political turmoil in Egypt as protests enter their third week across the country, demanding that President Hosni Mubarak step down. Rising global oil prices and the government's commitment to maintain the waterway's traffic have supported the canal's revenues, an economist said on Wednesday. “The increase in oil prices further reiterates the importance of the Suez Canal as a more economic route for vessels to take rather than longer routes,” said Mohamed Rahmy, economist at Beltone Financial. U.S. oil climbed above $87.20 a barrel on Wednesday, led by strong performances in the global stock markets and a surprise draw down in crude inventories in the world's top oil consumer, according to Reuters. A senior official said on Tuesday that strikes by workers in companies in the Suez Canal zone would not affect Suez Canal operations and traffic of ships. The Suez Canal is a vital source of foreign currency in Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad. Egypt's Prime Minister Ahmed Shafiq said the canal was operating normally despite the unrest in Egypt. BM
