https://arab.news/29wvc
CAIRO: Egypt is targeting a 17.8 percent increase in the production of petroleum and mineral resources sector at current prices to 790.9 billion Egyptian pounds during the new fiscal year 2022/2023, from 671.5 billion pounds the previous year, according to its economic and social development plan.
As part of the economic and social development plan, the government intends to invest 49.5 billion Egyptian pounds in the development of the petroleum and mineral wealth sector during the new fiscal 2022/2023.
Of this total investment, 17.6 billion Egyptian pounds was for refining activity, and 31.9 billion pounds for extraction activities, reported Egypt Today..
AMOC records 146% growth in net profit
Alexandria Mineral Oils Co. recorded a 146 percent year-on-year increase in net profits to 1.27 billion Egyptian pounds ($67 million) for the fiscal year 2021/2022 ending June 30, 2022, compared to 499.286 million pounds the previous year, reported Arab Finance.
AMOC is an Egyptian joint stock company in the petroleum industry, specializing in the production and distribution of refinery oil and fuels in the Egyptian market.
SWVL cancels Zeelo deal
Swvl Holdings has gone back on its decision to acquire UK- based Zeelo — another bus platform providing transport services — due to the markets’ financial volatility.
Swvl Global, a subsidiary of Swvl, granted Zeelo $5 million in funding which was terminated after the deal was canceled.