Identifier
Created
Classification
Origin
09CAIRO2349
2009-12-22 13:29:00
UNCLASSIFIED
Embassy Cairo
Cable title:
EGYPT'S ECONOMY: DECEMBER 22 PRESS ROUND-UP
how-toVZCZCXYZ0000 RR RUEHWEB DE RUEHEG #2349 3561329 ZNR UUUUU ZZH R 221329Z DEC 09 FM AMEMBASSY CAIRO TO RUEHC/SECSTATE WASHDC 4522 INFO RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC RHEBAAA/DEPT OF ENERGY WASHINGTON DC
UNCLAS CAIRO 002349
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EPET ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: DECEMBER 22 PRESS ROUND-UP
UNCLAS CAIRO 002349
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EPET ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: DECEMBER 22 PRESS ROUND-UP
1. (U) The following are notable economic news stories that appeared
over the past week in the Egyptian press:
--------------
GOE to Offer Global Tender for Oil Production
--------------
2. (U) A source in the state-owned Egyptian General Petroleum
Company (EGPC) told Al Masry Al Youm newspaper that the company will
offer a global public tender for oil production for 2011-2017. Al
Masry Al Youm writes that the EGPC is planning to offer the tender
because it badly needs to raise cash to pay its debts of at least LE
3 billion (US$547 million) to foreign oil and gas companies (Al
Masry Al Youm, 12/15/09).
--------------
PM Nazif Speaks to Cairo Investment Forum
--------------
3. (U) In a speech to the Cairo Investment Forum, Prime Minister
Ahmed Nazif said that Egypt would not resort to protectionism to
deal with the economic crisis, and would instead focus on attracting
foreign investment. Nazif also called for government support for
small and medium enterprises and new infrastructure projects (Al
Mal, Al Alam Al Youm 12/15/09).
--------------
Shura Council Approves Nuclear Regulation Law
--------------
4. (U) The Egyptian Shura Council approved a new draft law for the
regulation of nuclear activities, which lays out the guidelines for
the construction of nuclear power plants and provides for the
establishment of a nuclear regulatory commission. The draft law
will be sent to the People's Assembly and the President's office for
approval before it is enacted (All newspapers, 12/14/09).
--------------
Turkey Plans to Increase Investment in Egypt
--------------
5. (U) Minister of Trade and Industry Rachid M. Rachid said that
President Mubarak's meeting with Turkish President Abdullah Gul led
to an agreement to enhance transportation between the two countries
to facilitate trade. Rachid noted that Turkish investments in Egypt
are over $2 billion, with 260 factories employing 40,000 workers.
Mubarak and Gul announced plans to establish another 250 new Turkish
factories in Egypt, and to increase Turkish investments in Egypt to
$5 billion. (Al Ahram, Al Akhbar, 12/17/09).
SCOBEY
SIPDIS
STATE FOR NEA/ELA
E.O. 12958: N/A
TAGS: ECON EINV EPET ETRD ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: DECEMBER 22 PRESS ROUND-UP
1. (U) The following are notable economic news stories that appeared
over the past week in the Egyptian press:
--------------
GOE to Offer Global Tender for Oil Production
--------------
2. (U) A source in the state-owned Egyptian General Petroleum
Company (EGPC) told Al Masry Al Youm newspaper that the company will
offer a global public tender for oil production for 2011-2017. Al
Masry Al Youm writes that the EGPC is planning to offer the tender
because it badly needs to raise cash to pay its debts of at least LE
3 billion (US$547 million) to foreign oil and gas companies (Al
Masry Al Youm, 12/15/09).
--------------
PM Nazif Speaks to Cairo Investment Forum
--------------
3. (U) In a speech to the Cairo Investment Forum, Prime Minister
Ahmed Nazif said that Egypt would not resort to protectionism to
deal with the economic crisis, and would instead focus on attracting
foreign investment. Nazif also called for government support for
small and medium enterprises and new infrastructure projects (Al
Mal, Al Alam Al Youm 12/15/09).
--------------
Shura Council Approves Nuclear Regulation Law
--------------
4. (U) The Egyptian Shura Council approved a new draft law for the
regulation of nuclear activities, which lays out the guidelines for
the construction of nuclear power plants and provides for the
establishment of a nuclear regulatory commission. The draft law
will be sent to the People's Assembly and the President's office for
approval before it is enacted (All newspapers, 12/14/09).
--------------
Turkey Plans to Increase Investment in Egypt
--------------
5. (U) Minister of Trade and Industry Rachid M. Rachid said that
President Mubarak's meeting with Turkish President Abdullah Gul led
to an agreement to enhance transportation between the two countries
to facilitate trade. Rachid noted that Turkish investments in Egypt
are over $2 billion, with 260 factories employing 40,000 workers.
Mubarak and Gul announced plans to establish another 250 new Turkish
factories in Egypt, and to increase Turkish investments in Egypt to
$5 billion. (Al Ahram, Al Akhbar, 12/17/09).
SCOBEY