Archive for the ‘Ahram online ’ Category

Canal Sugar to build grains terminal in Egypt’s Damietta

Canal Sugar, owned by Dubai-based Al Khaleej Sugar Refinery, plans to build a pier and grains terminal in Egypt’s port city of Damietta with $200 million in investments, its CEO said on Tuesday.

The new terminal will have a discharge capacity of 3,000 tonnes of grains per hour, the CEO, Islam Salem, told a news conference.

The company expects to finalise a contract with the government for the pier and terminal by the end of the year, Salem said in response to a Reuters question.

The project will be partially self-financed, while the remaining funds will come from infrastructure financing institutions, he said.

He declined to give the facility’s storage capacity.

The UAE’s Al Khaleej Sugar Refinery is the world’s largest port-based sugar refinery.

The company plans to complete a beet sugar factory – aimed to be the world’s biggest – in Egypt’s west Minya in October 2020, Salem said. Production is expected to begin in 2021.

The west Minya project aims to produce 900,000 tonnes of beet sugar a year, at an estimated cost of $1 billion.

In March, Canal Sugar signed a $169 million financing agreement to purchase, construct and operate the west Minya project until a $700 million long-term loan is finalised.

The project also aims to reclaim about 187,850 acres of desert to produce 2 million tonnes of beet sugar annually, as well as other strategic crops such as wheat and corn.

Source : Ahramoline

Egypt’s logistics hub for grain trade and storage to cost LE13.1 bln

Egypt is seeking investment in a plan to built storage silos, cargo platforms and manufacturing spaces for grain and seed products.

Waad Ahmed, Friday 17 Oct 2014

Egypt’s plan to build a logistics hub to store, trade and manufacture grains and seeds will cost a total of LE13.1 billion, a supply ministry spokesperson told Ahram Online on Friday.

 The ministry is currently presenting the project to private and international investors, said Mahmoud Diab.

The project, which will be built on 3,350 square kilometres in the Delta governorate of Damietta, is expected to trade up to 65 million tonnes annually of grain and basic food commodities.

The project involves building high-tech storage silos, two new platforms capable of receiving large cargos in the Damietta marine port and five manufacturing areas.

The new silos should raise Damietta’s storage capacity to 7.5 million tonnes from the current 2.5 million tonnes.

The manufacturing areas are meant to boost the food industry by producing flour, pasta, cooking oils and sugar for both domestic consumption and export to the MENA region.

Egypt’s government is seeking to attract investors for several developmental projects to achieve its growth rate target of 6 percent by FY 2018/19.

The economy will need private sector investment of at least LE200 billion ($28.57 billion) if it is to achieve its growth target of 3.5 percent by the end of the current fiscal year, according to Investment Minister Ashraf Salman.

Source :Ahram online