Latest news with #MetallurgicalIndustriesHoldingCompany
Egypt Independent
06-02-2025
- Business
- Egypt Independent
President al-Sisi Signs Law to Authorize Finance Minister to Guarantee Egypt Aluminum Company
President Abdel Fattah al-Sisi signed on Wednesday 5/2/2025 Law No. 1 of 2025 authorizing the minister of finance, on behalf of the government, to guarantee Egypt Aluminum Company, an affiliate of the Metallurgical Industries Holding Company, in implementing its commitments. The authorization aims at guaranteeing the company's implementation of its financial commitments in line with the energy purchase agreement (PPA) between Egypt Aluminum Company and Norway's Scatec Company which carries out a P2P system project in Egypt. The law was published in the official gazette on Wednesday5/2/2025.
Zawya
27-01-2025
- Business
- Zawya
BP signs deal to restart operations of Egyptian Anode Blocks
British Petroleum (bp) Energia Espana penned an agreement to resume the operations of the Egyptian Anode Blocks Company at the Ain Sokhna Free Zone, according to an official statement. Under the five-year agreement, bp will provide $20 million in financing to resume maintenance work at the anode blocks factory, which has been non-operational for two years. The Egyptian Anode Blocks is 75% owned by Metallurgical Industries Holding Company and its affiliates under the Ministry of Public Business Sector. The signing ceremony was attended by Prime Minister Mostafa Madbouly and Minister of Public Business Sector Mohamed Shimi. Laura Peña, Global Coke and Sulfur Director at bp, signed the agreement with Mohamed El-Saadawi, Chairman of the Metallurgical Industries Holding Company. Shimi highlighted that the contract aligns with the minister's efforts to enhance the capacity of affiliated companies, increase production and operation rates, and achieve the highest levels of productivity. It will also meet market needs, replace imports, and support the national economy, the minister added. Once operational, the anode blocks plant will contribute to reducing the import bill of its final product consumed by industrial companies, especially in the aluminum industry. The facility is expected to produce 250,000 tons of anode blocks annually following the supply and installation of a second coke cooler, generating revenue of $97 per ton of calcined petroleum coke. The minister also noted that the agreement guarantees a minimum output equivalent to calcining 200,000 tons annually. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
27-01-2025
- Business
- Zawya
Egypt restarts Ain Sokhna anode factory in partnership with BP
Egypt's Prime Minister Mostafa Madbouly witnessed the signing of a significant agreement at the Cabinet's headquarters in the New Administrative Capital on Sunday, aimed at restarting the Anode Blocks Factory in Ain Sokhna. The agreement, signed between British Petroleum (BP) Energia España and the Egyptian Anode Blocks Company, is part of a strategic initiative to revitalize the factory, which is majority-owned (75%) by the Metallurgical Industries Holding Company and its subsidiaries under the Ministry of Public Enterprise Sector. The partnership will focus on financing essential maintenance operations, overseeing the calcination process of petroleum coke, and enhancing the factory's production capacity. The signing ceremony was attended by Engineer Mohamed Shimy, Minister of Public Enterprise Sector. The contract was officially signed by Mohamed El-Saadawy, Executive Managing Director of Metallurgical Industries Holding Company, and Laura Peña, Head of International Coke Operations at BP. In a statement following the ceremony, Minister Mohamed Shimy emphasized that this agreement marks the return of the Anode Blocks Factory, which had been inactive for two years. The project aligns with the Ministry's broader goals of improving the capabilities of its companies, boosting production, and reducing imports to meet market demands, particularly for aluminum manufacturers. Shimy further highlighted that once operational, the factory is expected to produce 250,000 tonnes annually, following the installation of a second coke cooler. The anticipated revenue from this production is projected at $97 per metric ton of calcined petroleum coke. The factory will have a guaranteed minimum output of 200,000 tonnes annually. The contract, which spans five years, also outlines BP's commitment to investing $20 million in maintenance and efforts to maximize production capacity. BP will provide full technical support, sending a team of technicians to ensure the production meets required quality standards and specifications. Nader Zaki, BP's Regional President for the Middle East and North Africa, expressed his enthusiasm for the agreement, emphasizing that it reflects BP's long-standing commitment to Egypt and their shared history of collaboration, which spans over 60 years. Laura Peña, BP's Head of International Coke Operations, stated: 'This collaboration supports our strategy to enhance the production of European-grade anode coke in a more competitive manner.' © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
26-01-2025
- Business
- Daily News Egypt
Egypt restarts Ain Sokhna anode factory in partnership with BP
Egypt's Prime Minister Mostafa Madbouly witnessed the signing of a significant agreement at the Cabinet's headquarters in the New Administrative Capital on Sunday, aimed at restarting the Anode Blocks Factory in Ain Sokhna. The agreement, signed between British Petroleum (BP) Energia España and the Egyptian Anode Blocks Company, is part of a strategic initiative to revitalize the factory, which is majority-owned (75%) by the Metallurgical Industries Holding Company and its subsidiaries under the Ministry of Public Enterprise Sector. The partnership will focus on financing essential maintenance operations, overseeing the calcination process of petroleum coke, and enhancing the factory's production capacity. The signing ceremony was attended by Engineer Mohamed Shimy, Minister of Public Enterprise Sector. The contract was officially signed by Mohamed El-Saadawy, Executive Managing Director of Metallurgical Industries Holding Company, and Laura Peña, Head of International Coke Operations at BP. In a statement following the ceremony, Minister Mohamed Shimy emphasized that this agreement marks the return of the Anode Blocks Factory, which had been inactive for two years. The project aligns with the Ministry's broader goals of improving the capabilities of its companies, boosting production, and reducing imports to meet market demands, particularly for aluminum manufacturers. Shimy further highlighted that once operational, the factory is expected to produce 250,000 tonnes annually, following the installation of a second coke cooler. The anticipated revenue from this production is projected at $97 per metric ton of calcined petroleum coke. The factory will have a guaranteed minimum output of 200,000 tonnes annually. The contract, which spans five years, also outlines BP's commitment to investing $20 million in maintenance and efforts to maximize production capacity. BP will provide full technical support, sending a team of technicians to ensure the production meets required quality standards and specifications. Nader Zaki, BP's Regional President for the Middle East and North Africa, expressed his enthusiasm for the agreement, emphasizing that it reflects BP's long-standing commitment to Egypt and their shared history of collaboration, which spans over 60 years. Laura Peña, BP's Head of International Coke Operations, stated: 'This collaboration supports our strategy to enhance the production of European-grade anode coke in a more competitive manner.'
