Latest news with #AinSokhna
Bloomberg
29-05-2025
- Business
- Bloomberg
Egypt Considers Securing Another LNG Vessel as Import Needs Jump
Egypt is considering adding yet another LNG import vessel, according to people familiar with the plan, as the nation that was exporting gas just a year ago is now rushing to lock in supplies to cover domestic demand. A new vessel would add to the Energos Power ship that arrived in the North African country's Alexandria port earlier this week and the Hoegh Galleon operating in Ain Sokhna. Two others — Energos Eskimo arriving this summer and another from Turkish company Botas — have also been tied up.
Zawya
20-05-2025
- Business
- Zawya
GCC oil companies submit offers to export LNG to Egypt: Report
Saudi Aramco, ADNOC, Qatargas and Algeria's Sonatrach have submitted offers to export liquefied natural gas (LNG) to Egypt, according to a media report. State-owned Egyptian Natural Gas Holding Company (EGAS) is currently reviewing the technical and financial aspects, Ashraq Business reported, citing an unnamed government official. EGAS has sought a credit for 25 percent of the shipment's value before arrival at Ain Sokhna Port, with the remaining value of each LNG shipment exported to be paid one year after its arrival to the national natural gas grid, the report said. Egypt plans to import between 155 and 160 shipments of LNG this year. The country's daily natural gas needs have reached 6.2 billion cubic feet, while daily production fell to 4.1 billion cubic feet. This summer, demand is expected to rise to 7 billion cubic feet per day, the report said. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
14-05-2025
- Business
- Zawya
China's Xinxing Ductile Iron Pipe signs $674mln projects in Egypt
Arab Finance: China-based Xinxing Ductile Iron Pipe Company inked four agreements at a combined value of EGP 34.5 billion for regional projects in Egypt and abroad, according to an official statement. Prime Minister Mostafa Madbouly witnessed the signing ceremony during the inauguration of Xinxing's ductile iron pipe factory within the China-Egypt TEDA zone in Ain Sokhna. The total cost of the contracts is divided into EGP 32.5 billion for national projects within Egypt, while the remaining $39 million is allocated for export. Xinxing's CEO Ye Maolin penned the four deals, which cover a total production volume of ductile pipes of various diameters and specifications exceeding 77,600 tons. Mohamed Elwy, Board Member of the Arab Contractors Company, inked the first agreement to supply 1,056 tons of ductile iron pipes for a water station project in the New Administrative Capital (NAC). The second contract was signed by Hesham Madkour, Executive Vice President at Madkour Group, and includes the supply of 27,769 tons of pipes for the Ministry of Housing's Janna project. Meanwhile, the third deal was signed by Ahmed Mustafa, Chairman of Hassan Allam Trading and Engineering, and covers the supply of 19,621 tons of ductile pipes for a project in Aswan. The fourth contract was signed by Ahmed Elabd, Chairman of Concord Engineering and Construction, to supply 29,162 tons for the 3rd Ring Road project in Makkah, Saudi Arabia. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
Egypt's PM witnesses $683mln contract signings with Xinxing for national, regional infrastructure projects
Egypt's Prime Minister Mostafa Madbouly witnessed the signing of four major commercial contracts worth approximately EGP 34.5bn with Xinxing Ductile Iron Pipes Company during the inauguration of its new factory for ductile iron pipe production in the TEDA Egypt Industrial Zone in Ain Sokhna. The agreements mark a significant step forward in Egypt's strategy to localize key industrial inputs and enhance its export capacity. The signing ceremony took place during Madbouly's visit to the integrated Sokhna area, part of the Suez Canal Economic Zone (SCZONE), where the new facility is located. The project is expected to play a critical role in supplying high-quality ductile iron pipes to both domestic infrastructure projects and regional developments. CEO of Xinxing Egypt, Yi Maolin, signed the contracts on behalf of the company. Representing the Egyptian and regional stakeholders were senior executives from several leading firms. Arab Contractors Board Member Mohamed Alawi signed a contract for the supply of 1,056 tonnes of ductile iron pipes for a water treatment plant in the New Administrative Capital. Hesham Madkour, Vice President of Madkour Group, signed a deal for 27,769 tonnes of pipes designated for the Janna housing project under the Ministry of Housing. Another contract, signed by Ahmed Mostafa, Chairperson of Hassan Allam Trading & Engineering, involves the supply of 19,621 tonnes of pipes for a major development project in Aswan Governorate. Finally, Concord for Engineering and Contracting Chairperson Ahmed El-Abd signed an agreement for the supply of 29,162 tonnes of pipes to support the construction of the Third Ring Road in Mecca, Saudi Arabia. The combined output under these contracts totals over 77,600 tonnes of ductile iron pipes, manufactured to various diameters and technical specifications. Of the total contract value, EGP 32.5bn is allocated to national infrastructure projects within Egypt, while $39m (approximately EGP 1.9bn) will support exports—most notably to Saudi Arabia. Speaking at the event, Prime Minister Madbouly emphasized the importance of this project in strengthening Egypt's industrial base. He noted that ductile iron pipes, which are essential to sectors such as water, wastewater, and urban development, were previously imported using scarce foreign currency. The launch of domestic production will reduce Egypt's import bill, improve self-reliance in industrial inputs, and increase the country's export capacity. 'This project is not only about replacing imports, but also about turning Egypt into a regional manufacturing hub,' said Madbouly. 'It reflects the importance of partnering with the private sector to achieve our development objectives.' The Prime Minister underscored the government's commitment to supporting industrial localization and fostering public-private partnerships as key levers for economic growth. He added that the Xinxing project aligns with Egypt's broader development goals and its efforts to secure sustainable sources of strategic materials. Walid Gamal El-Din, Chairperson of the SCZONE, echoed these sentiments, describing the factory as a milestone for both the zone and the national economy. He said the project contributes directly to Egypt's sustainable development strategy by enhancing local production, creating job opportunities, and positioning Egyptian products competitively in global markets. Gamal El-Din also highlighted the SCZONE's role as a bridge between international investors and regional markets. He stressed the growing global demand for infrastructure and industrial materials, and noted that amid current global economic challenges, the SCZONE remains committed to providing a competitive environment for international partnerships. The inauguration of the Xinxing plant and the signing of these high-value contracts reflect Egypt's ongoing success in attracting strategic investments, localizing critical industries, and expanding its industrial footprint at both the national and regional levels.
Zawya
07-05-2025
- Business
- Zawya
Egypt's Aldiwan launches $79mln Vilar project in Alamein City
Egypt-based private real estate developer Aldiwan has launched the Vilar project in Alamein City with planned investments of 4 billion Egyptian pounds ($79 million), the company's chairman Mohamed Atta told Zawya Projects. He said the residential project, spanning 42 acres and comprising 2,600 residential units, is being implemented in partnership with Misr International for Construction and Development, which owns the land, while Aldiwan is responsible for project execution. Hafez Consultants has been appointed as the lead consultant for the project. Aldiwan's Chief Commercial Officer Hisham Alhussainy said the company is targeting EGP 16 billion ($316 million) in sales from the Vilar project. Construction is scheduled to begin in the fourth quarter of 2025, with completion expected within three years. He also noted that Aldiwan plans to launch another coastal project in Ain Sokhna by the first quarter of 2026, as part of its expansion strategy. (1 US Dollar = 50.64 Egyptian Pounds) (Reporting by Eman Hamed; Editing by Anoop Menon) (
