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Ceramic firms to pay less for gas bills

Ceramic firms to pay less for gas bills

ArabFinance: Ceramic companies will pay $3.5 (EGP 54.95) per 1 million thermal units of natural gas, after the Egyptian Cabinet approved to decrease the price of their gas bills, CNBC Arabia cited Head of Egyptian Federation of Investors Associations Muharram Hilal on January 11th.

The cabinet also gave a nod to scheduling the companies’ debts, Hilal said. Dues that are worth EGP 6 billion will be paid over 10 years at a 7% declining interest rate.

The rate could reach 3.5% in the last years of payment, Dar al Maref earlier cited Hilal.

Egypt recently imposed an import ban on ceramics and porcelain for three months starting December 24th.


*At press time, the conversion rate is $1 = EGP 15.70

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