SATORP contract to boost polypropylene revenues

Updated 05 August 2013
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SATORP contract to boost polypropylene revenues

Advanced Petrochemical Company (APC) recently signed an agreement with Saudi Aramco Total Refining and Petrochemicals (SATORP) to increase the supply of propylene to 30,000 tons per year.
This brings the total supply from SATORP to 80,000 tons per year.
Last year, there was a short-term sales agreement for the supply of 50,000 tons per year of propylene that was concluded between APC and SATORP.
The duration for the supply of entire 80,000 tons per year has been amended from 3 years to 5 years.
The supply will start from Jan. 1. This supply will contribute to an increase in production of polypropylene and thus a boost in revenues from the sale of the additional polypropylene.


Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

Updated 17 July 2019
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Egyptian economy on right track after 5.6% growth in 2018-2019: prime minister

  • Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the IMF
  • Egypt has been praised by international lenders for swift reforms implemented since 2016

CAIRO: Egypt’s economy grew 5.6 percent in the 2018/19 fiscal year and is “on the right track” as it completes IMF-backed reforms, Prime Minister Mustafa Madbouli said on Wednesday.
The budget deficit came in at 8.2 percent of GDP, he said, which was slightly below an official forecast of 8.4 percent.
Egypt is emerging from a three-year economic reform program tied to a $12 billion loan from the International Monetary Fund.
Madbouli said Egypt’s primary surplus stood at 2 percent for the fiscal year, which ended in June, and also pointed to a recent drop in inflation as positive signs. Economic growth was up from 5.3 percent in 2017/18 and in line with a government forecast.
“At the same time, it induces us to complete the implementation of reforms and the efforts exerted to achieve the targets for the new fiscal year,” Madbouli said in a statement said.
Egypt has been praised by international lenders for swift reforms implemented since 2016, though austerity measures and inflation have left many Egyptians struggling to get by.
The reforms included a sharp devaluation of the currency, the introduction of value-added tax and the elimination of subsidies on most fuel products.
Headline annual inflation dropped to 9.4 percent in June from 14.1 percent the previous month, though it is expected to rise over the rest of the summer as the impact of the latest round of fuel subsidy cuts kicks in.