VZCZCXYZ0003
RR RUEHWEB

DE RUEHEG #2382 3621511
ZNR UUUUU ZZH
R 281511Z DEC 09
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 4573
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEHRC/DEPT OF AGRICULTURE WASHINGTON DC

UNCLAS CAIRO 002382 
 
SIPDIS 
 
STATE FOR NEA/ELA 
 
E.O. 12958:  N/A 
TAGS: ECON EINV EFIN ETRD EAGR EPET ENRG PGOV EG
SUBJECT: EGYPT'S ECONOMY: December 28 PRESS ROUND-UP 
 
¶1. (U) The following are notable economic news stories that appeared 
over the past week in the Egyptian press: 
 
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State Petroleum Company to Borrow US$2 Billion 
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¶2. (U) The state-owned Egyptian General Petroleum Company is 
negotiating a loan of US$2 billion from 33 banks, in order to 
finance debts to foreign companies and establish a number of new oil 
fields (Al Alam Al Youm, 12/20/09). 
 
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Rachid Discusses Russian and Ukrainian Wheat Imports 
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¶3. (U) Minister of Trade and Industry Rachid Mohamed Rachid called 
for deepening economic ties with Russia after his meeting with the 
Russian Minister of Trade. Rachid noted that Russia guaranteed its 
wheat imports would meet Egyptian regulations. Four days later, 
Rachid told the press that Ukrainian wheat imports would not likely 
meet the 10% protein regulation that the Supply Commodities 
Authority required of it (Al Mal, Al Alam Al Youm, 12/24/09, Al 
Masry Al Youm, 12/28/09). 
 
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Site Recommended for First Nuclear Power Plant 
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¶4. (U) A report by an Australian consultant to determine the site of 
Egypt's first nuclear power plant was submitted on December 23 to 
the Egyptian Nuclear Power Plant Authority (NPPA), and will be 
evaluated by a technical committee in the Egyptian NPPA and the 
Minister of Electricity. While official sources would not confirm 
the recommended location, press reports have suggested that the 
plant will be located at El Dabaa, on the Mediterranean coast west 
of Alexandria. Separately, a Russian delegation visited Egypt last 
week to explore participation in the expected tender for equipping 
the nuclear power plant. NPPA President Yassin Ibrahim has indicated 
that few Egyptian components will be used in the plant (Al Masry Al 
Youm, 12/23/2009). 
 
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Parliament Approves Draft Law for Nuclear Regulation 
--------------------------------------------- ------- 
 
¶5. (U) After approval by the Shura Council last week, the Industry 
Committee of the People's Assembly approved the draft law for the 
regulation of nuclear activities, sending it to the President for 
signature.  During the discussion of the draft law, Abou Al Hoda Al 
Serafi, the Chairman of the Nuclear Materials Authority, said that 
Egypt would offer an international tender for the exploration of 
uranium (Al Masry Al Youm, 12/23/2009). 
 
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Egypt's Role at Copenhagen Summit Criticized 
-------------------------------------------- 
 
¶6. (U) Mostafa Tolba, an Egyptian who is the former chairman of the 
United Nations Environment Program (UNEP), offered statements to the 
press criticizing the performance of the Egyptian government in 
dealing with climate change at the Copenhagen Summit.  Tolba called 
for a national committee to address climate change, saying he was 
unaware of who in the Egyptian government is responsible for the 
issue. Echoing Tolba's criticism in an op-ed column in Al Shorouk 
newspaper, Salama Ahmed Salama wrote that the Egyptian delegation to 
the Copenhagen Summit was comprised of bureaucrats, rather than 
scientists and professional environmental negotiators (Al Masry Al 
Youm, 12/23/2009, Al Shorouk 12/20/2009). 
 
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GOE Considering Safeguards on Turkish Steel Imports 
--------------------------------------------- ------ 
 
¶7. (U) Minister of Trade and Industry Rachid Mohamed Rachid has 
asked the Ministry's Foreign Trade Sector to study the possibility 
of imposing anti-dumping safeguards on Turkish steel imports (Al 
Mal, Al Alam Al Youm, 12/28/2009) 
 
SCOBEY