World Bulletin/News Desk
Egypt's ministers of electricity and industry announced Sunday that Egypt has plans to depend on coal to generate electricity and power cement factories.
Minister of Electricity Ahmed Imam said the Cabinet's Higher Committee for Energy had asked the Environment Ministry to consider the environmental effects of using coal to generate electricity and operate cement factories.
He said the state-run Egyptian Electricity Holding Company, the main government agency responsible for the generation of electricity, had approved three potential locations for the construction of Egypt's first coal-powered electricity station.
He added that the three locations included Oyoun Moussa, northeast of Egypt, West of Damietta, in the north of the country, and Safaga, in the east.
"All these locations are suitable for this type of projects, which need major space for the storage of coal and the establishment of ports for coal imports," the minister told the Anadolu Agency via phone.
He said to be cost-effective, coal-powered electricity stations have to have a generation capacity of between 3,000 to 5,000 megawatts.
Meanwhile, Minister of Trade and Industry Mounir Fakhri Abdel-Nour said on Sunday that his ministry is taking measures to use coal in fuelling several factories, including cement plants.
"There is coordination with the Environment Ministry on the environmental specifications for the use of coal in powering factories," Abdel-Nour said.
He added that the use of coal in these factories would save around 450 million cubic meters of natural gas that can be used in powering new industrial ventures.
Turkish economy minister says growth will 'most likely' surpass 7 percent in first quarter of 2018
Net profit at the Frankfurt-based group fell 79 percent year-on-year to 120 million euros ($146 million).
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.