Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries, noted that the federation did not receive any response from the government to the request to reduce natural gas prices for the factories to USD4.5/mmbtu. El Sewedy, mentioned that that there is a greater benefit from cutting gas prices because the move will add value to the economy by decreasing imports, reducing idol factory capacities, generating more revenue for the industries thereby increasing the taxes paid for the government and improving the government budget. He also stated that the steel industry will benefit directly from the move, and this will have a positive spill-over on the economy in the form of paying more taxes to the government. (Al Ahram)