Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt, Singapore sign MOU for production of methanol
Published in Daily News Egypt on 31 - 03 - 2006

CAIRO: At the end of a three-day visit to Egypt, the Chairman of Singapore s Tolaram Group and Minister of Trade and Industry, Lim Hng Kiang, have signed a memorandum of understanding (MOU) with Egypt, agreeing to establish two factories; one here and one in Singapore, to produce methanol.
Using the much sought after Egyptian natural gas, the two companies will export the methanol to Singapore.
According to the Egyptian Minister of Petroleum, Sameh Fahmi, the methanol will be transformed into ethylene in Singapore.
The other factory, according to the minister, will manufacture maintenance equipment for gas exploration, relying on collaboration between companies in Singapore and Egypt that specialize in this arena.
The factories, which will cost a total of $2.3 billion in investment, according to the Egyptian Minister of Foreign Affairs, Ahmed Abul-Gheit, will increase the value of Egyptian gas, already a hot commodity, and open new markets for local production.
The Minister of Petroleum also stated that the factories will aid in creating greater job opportunities and should pump foreign currency into the nation.
The Egyptian Assistant Foreign Minister for Asian Affairs, Ali El Hefny, also stated that the establishment of the factories will serve to convey to the Singapore business community the capabilities and resources that are available in Egypt, thus attracting further foreign investment.
According to the Minister of Investment, who also met the Singapore minister during his visit, Kiang expressed his country s wish to cooperate with Egypt s petroleum sector by setting up joint projects to produce petrochemicals.
Taking into consideration the Egyptian government and the private sector's joint efforts to further develop the petrochemical industry for investment opportunities, which is reflected in the industry's rapid growth, Singapore stands to benefit from the raw materials made available by the industry. Petroleum and petrochemical products top the list of Egyptian exports to Singapore.
The Special Economic Zone North West Suez Gulf is equipped with the geographical and financial qualifications needed for large investments, said the Chairman of the General Authority for Investment and Free Zones (GAFI), according to the Ministry of Investment. GAFI is also willing to provide information and data about the zones and coordinate Singaporean investments in Egypt, according to the ministry.
This is not the first time that Singapore has shown interest in the country. Last February, the Singapore Business Union visited Egypt, where they met with high-ranking officials and prominent businessmen. Their visit resulted in a number of investment possibilities in the petrochemical and food industries, manufacturing, maritime transport and infrastructure.
According to the Minister of Investment, Kiang applauded radical reforms in Egypt s economy and investment climate. I visited Egypt to see on ground the economic environment to convey a clearer picture of investment climate to the business community in Singapore, he reportedly said.
In terms of bilateral trade, in 2005, Egypt was Singapore s tenth largest trading partner in the Middle East. Total trade between Singapore and Egypt grew by 58 percent from 2003 to reach a total trade value of S$645 million in 2004. The increase was mainly due to the 97.7 percent growth in imports from Egypt, which raised from S$216 million to S$427 million, according to the Vice Chairman of the Singapore Business Federation, Umar Abdul Hamid, during the 2005 Egypt-Singapore Business Forum.


Clic here to read the story from its source.