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Queues for fuel cause mayhem

The same day in Menufiya, a policeman was injured after residents blocked the Cairo-Alexandria road, in protest against the failure to secure fuel quotas which were promised by the governor.

Nada Badawi

Choking up

By Philip Whitfield Notice the traffic? Given up going out? Carrying a doggy bag on the shopping run? Good news. Nobody will be able to afford to drive soon. Everyone’s money will be spent paying the gas bill and keeping cool in ice baths. Who dares flick on the air-con? Bit chilly? Snuggle up in …

Daily News Egypt

Kuwait injects $60.5 million into Egypt’s gas sector

The Kuwaiti government, represented by the Kuwait Fund for Arab Economic Development (KFAED), has a signed a deal to loan 17 million Kuwaiti Dinars ( $60 million) to aid the expansion and development of the Egyptian natural gas distribution grid. In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation …

Islam Serour

OCI Fertilisers demerger to come

Orascom for Construction Industries (OCI) announced yesterday that the General Authority of Investment and Free Zones (GAIF) approved OCI’s proposed valuation split methodology for the demerger of its construction group from its fertilisers group. GAIF approved on Saturday to split OCI’s standalone assets and liabilities on book value basis as at 31 December 2011, an …

Islam Serour

OCI net income declines in H1, positive indicators of a strong comeback

Orascom for Construction Industries’ (OCI) results showed a net decrease as at 30 June, although they project a positive outlook. This year’s first half results show that the company’s net income dropped by 42.6 percent to EGP 1.3 billion versus EGP 2.2 billion in the first half of 2011. However, this year’s quarter-to-quarter results show …

Islam Serour