Chemicals News
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Australian consortium to launch an $875M phosphoric acid production plant
The consortium will establish a company named Osiris to implement the project which will be located in the city on the Red Sea coast.
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Orascom Construction Divests Construction Chemicals Subsidiary for EGP 1.8 Billion
Orascom Construction’s share of the gross proceeds for its 28.25% effective stake amounts to EGP 1.8 billion.
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Egypt: Kima’s net profits exceed $32.3mln in 9M-22/23
Operating revenues jumped by 65% to EGP 5.13 billion in 9M-22/23 from EGP 3.12 billion in 9M-21/22, according to the financial results.
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Egypt and Scatec sign a MoU for a $450m green methanol plant
The green methanol plant aims to have an annual production capacity of 40,000 tons of green methanol with the aim to be increased to 200,000 tons.
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UAE’s National Paints officially acquires state-owned Pachin in a $25m deal
National Paints Factories previously submitted a compulsory purchase offer to the FRA to purchase up to 100 percent of the shares Pachin.
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Uflex: Indian film producer sets up PET production in Egypt
Indian packaging film manufacturer Uflex is planning to build a PET production plant at the Egyptian petrochemical site Ain Sokhna.
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Top five upcoming petrochemical complexes in Africa
Two of the five are in Egypt, while the other three are in Nigeria.
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Pachin stock closes near highest acquisition bid price
The company’s stock closed near the highest bid price, reaching EGP 39.08 per share, by the end of Wednesday’s trading session.
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Egypt: Sidpec announces 2022 cash dividends
Sidpec will pay out EGP 0.50 per share on 17 May, while the remaining EGP 0.40 will be disbursed on 4 October 2023.
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Competition for Pachin acquisition sparks controversy over fair value of its stock
National Paints is competing against Eagle Chemicals which increased its offer to about EGP 39 currently.
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Egypt's TCI Sanmar Chemicals plans $15mln investment in 2023
The company, a part of India’s Sanmar Group, is a significant player in Egypt’s petrochemical industry.
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Egypt’s Eagle Chemicals raises offer for Pachin amid bidding war with UAE’s National Paints Holding
Eagle Chemicals is now offering to purchase at least 75% of Pachin for EGP 37.00 per share, EGP 1.00 higher than the bid NPH put.
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UAE's National Paints acquires Pachin's shares at LE816M
Pachin shares rose by 4.3 percent, to LE 32.32, in the middle of Sunday's trading, after the approval to publish the purchase offer announcement.
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Egypt’s Military Production Ministry, Indian Foamtech probe joint cooperation
Foamtech manufactures, exports and supplies ABC dry chemical powder fire extinguisher, fire alarm, hose reel, foam concentrates and allied products.
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Diplomats visit fertilizer plants in Egypt
Egypt has ambitious plant to cater to the fertilizer demand of several countries and support the efforts for the global food security.
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Romanian PM Ciucă talks gas, fertilizers with Egyptian officials
Romania also aims to meet its natural gas consumption needs using Egyptian liquefied natural gas terminals until it can extract from Black Sea.
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SEMADCO on radar of Gulf investors
Egypt is seeking to sell a stake in El-Nasr Fertilizers and Chemical Industries Company (SEMADCO) to a strategic investor from the Gulf.
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Abu Qir Fertilizers’ profits hike to $381mln in H1-22/23 unaudited financials
Furthermore, the earnings per share (EPS) soared by 124.88% to EGP 4.79 in H1-22/23 from EGP 2.13 in H1-21/22.
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Misr Chemical Industries posts 191% YoY profit hike in 6 months
Sales totaled EGP 455.84 million in the six months to December 31st, 2022, up from EGP 270.56 million in the same period of FY 2021/2022.
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Egypt’s chemicals exports grow 23% in 2022
The chemicals sector accounted for 24% of Egypt’s total non-petroleum exports.