Prime Minister Dr. Hisham Qandeel held a meeting on the future vision for the development of oil refineries in order to meet the local market’s needs of petroleum products. The meeting was attended by ministers of planning and international cooperation, petroleum, industry and foreign trade and the Cabinet Secretary General.

Cabinet Spokesman Ambassador Alaa Hadidi said that Minister of Petroleum and Mineral Resources Osama Kamal presented, during the meeting, a comprehensive plan to the Cabinet including forecasts on annual consumption of petroleum products. He added that the ministry’s plan depends on reducing import of petroleum products and relying mainly on local production through the implementation of several important projects to develop existing refineries and upgrading their efficiencies.

Prime Minister chairs meeting of new company

Prime Minister Hisham Qandeel chaired the first meeting of the founding board of the Shalateen mineral wealth company on Thursday.

The Cabinet issued a decision Monday to establish the company at a licensed capital of LE10 million. It is a joint stock body between the Egyptian Mineral Resources Authority, National Investment Bank and Egyptian Company for Mineral Resources.

The company will help lure investments and create job opportunities in the Eastern Desert in the city of Shalateen and in the Red Sea region.

Int’l consultancy house to develop iron steel company

An international consultancy house will be assigned with developing the Egyptian Iron Steel Co. to increase its output and turn it to a profit-making entity instead of its current stumbling financial status, said cabinet spokesman Alaa al-Hadidi on Thursday.

This was agreed upon during yesterday’s meeting between Prime Minister Hisham Qandeel and the investment minister, board chairpersons of the holding company of mineral industries, the Iron and Steel Co. and El Nasr For Coke & Chemicals, the spokesman said.

Qandeel also agreed to develop the Coke Company so that it would continue production and meet local market and exports demands.

Source: SIS