EGAS cuts gas supply to some fertiliser and petrochemical producers, redirects to power plants
The Egyptian Natural Gas Holding Company (EGAS) has cut natural gas supply for Misr Fertilisers Production Company (Mopco), EK Holding's [EKHO.CA] Alexandria Fertilisers Company (Alexfert), Egyptian Petrochemical Holding Company (Echem), and The Egyptian Methanex Methanol Company (Methanex) on 3 August 2016 as the gas will be redirected to power plants that tend to consume more natural gas in the summer season. According to the source, Helwan Fertilisers and Methanex will be conducting the annual maintenance during August to make use of the temporary gas cut. The news source also stated that EGAS will only supply 205mn cf/d of natural gas to Abu Qir Fertilisers Company (Abuk) and Delta Company For Fertilisers. (Al Borsa) Egyptian Kuwaiti: USD0.46 as of 10 August 2016, Rating: Buy, FV: USD0.80 per share, MCap: USD471mn, EKHO EY / EKHO.CA
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