Latest news with #stateownedcompanies
Zawya
2 days ago
- Business
- Zawya
Egypt to re-assess phosphate reserves for new projects
Egypt has launched a landmark plan to verify its proven phosphate reserves with the aim of building new plants and expanding exports of phosphate-related industries. The Petroleum and Mineral Resources Ministry is working on a database with the help of public phosphate companies to obtain accurate evaluation of the reserves. Initial estimates prepared by the Ministry show Egypt may have nearly 80 billion tonnes of phosphate ore in place, of which at least 90 million tonnes are currently extractable, Ministry officials said, quoted by Egypt's Addustour Arabic language daily on Tuesday. 'The Ministry is currently implementing an ambitious plan to confirm the country's phosphate ore reserves. This plan is being implemented through state-owned companies operating in this field,' the report said. 'The aim of the plan is to prepare an accurate database on confirmed ore reserves, in preparation for the establishment of several phosphate fertiliser plants currently being equipped in strategic areas,' it added. The report quoted the sources as saying the Ministry has also drawn up plans to 'transform phosphate ore from a mere exported raw material into a high-value industrial product that contributes to supporting agriculture and industry and enhances the country's ability to achieve self-sufficiency and supply global markets.' Ministry figures showed Egypt produces nearly six million tonnes of phosphate ores, of which around four million tonnes are exported, fetching over $250 million annually. In a report last year, the Ministry said it aims to attract fresh investments into its phosphate industry to tap its massive deposits. It noted that Egypt is currently ranked the world's 10th largest raw phosphates producer and that new reserves estimates could be released in the near future. Petroleum and Mineral Resources Minister Karim Badawi said in February that Egypt has devised plans to attract investment into new mining projects in 2025 within a strategy to tap its mineral wealth. 'We have plans to offer new mining investment opportunities in 2025 within a strategy to exploit our mineral wealth and stimulate the national economy,' Badawi said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
3 days ago
- Business
- Reuters
Russian finance minister returns to idea of adjusting oil price budget rule
May 28 (Reuters) - Finance Minister Anton Siluanov said on Wednesday an adjustment to the $60 oil cut-off price for Russia's budget rule should be considered, marking a potential policy shift that could impact Moscow's ability to raise spending and build up cash reserves. Under the budget rule, the Finance Ministry sells foreign currency from its rainy-day National Wealth Fund to make up for any shortfall in revenue from oil and natural gas exports, or makes purchases in the event of a surplus. While Siluanov had previously spoken in favour of the cut-off price being changed, he recently ruled out an adjustment for the next three-year budget. Responding to a lawmaker's question about Russia's depleting reserves on Wednesday, he appeared to change tack once more, saying the issue would be discussed when formulating budget policy. "We need to think about whether, when preparing the new budget for the medium-term, we should look at the cut-off price level ... to what extent it corresponds today to levels that allow us to ensure not only the preservation of the National Wealth Fund, but also its replenishment," Siluanov said. Russia's fiscal buffers have dwindled since its February 2022 invasion of Ukraine, with Moscow dipping into the wealth fund to finance budget deficits and support state-owned companies. The fund's liquid assets stood at $40.4 billion on May 1, down from $112.7 billion before the invasion. High prices for oil, the cornerstone of Russia's export-focused economy, enable Russia to set funds aside, but with Brent futures having dropped to about $60 a barrel and Urals crude even lower, Moscow's finances are under pressure. A lower cut-off price would allow Russia to save more petrodollars, but that also implies reduced expenditure, which, as analysts have noted, may be hard to achieve with Moscow spending heavily on the war in Ukraine.
Bloomberg
4 days ago
- Business
- Bloomberg
India Allows Private Firms to Build Advanced Fighter Jets
India will for the first time allow private firms to design and develop advanced warplanes, as it beefs up domestic defense production to reduce reliance on imports. State-owned companies and private entities will have 'equal opportunities' on a 'competitive basis' to build twin-engine fighter jets, India's Ministry of Defence said in a statement Tuesday.
