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Viewing cable 09CAIRO2349, EGYPT'S ECONOMY: DECEMBER 22 PRESS ROUND-UP

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Reference ID Created Released Classification Origin
09CAIRO2349 2009-12-22 13:29 2011-08-24 16:30 UNCLASSIFIED Embassy Cairo 
VZCZCXYZ0000
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 
 
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