22/05/2013
Al-Masry Al-Youm Newspaper 2013/MAY /22
The article researched and analysed Egyptian Chemical Industries Company (KIMA), this industrial building constructed in the Egyptian industrialization revolution constructed in the age of Abdel Nasser, among a comprehensive manufacturing plan managed by the great Dr. Aziz Sadky at the start of sixties. The article focussed on the necessity to save KIMA company by means of urgent accomplishment of the project of separation and renewal that would add much to national income and satisfy the needs of upper Egypt and provide an export surplus that doesn’t go less than 40% of production percentage, furthermore, the company currently faces a serious crisis with the company it contracted with to accomplish the project as a result of its disability to accomplish its contracting commitments.(Available in Arabic – German in PDF)
The article indicated that there are 1700 employees working currently in the company and its factories, besides fertilizer production units, a heating furnace to produce Ferrosilicon alloys used in iron and steel industry, a giant workshops and a housing city for employees. Along with high consumption of electrical energy necessary for electrical analysis which amounts in its lower limit 150 megawatt/hour that the company obtains with subsidised prices which were determined since the company’s construction at the age of the former president, Abdel Nasser. The company is currently threatened by cancelling subsidisation of energy prices before development of KIMA Company to work by natural gas as an alternative of electrical energy, the company currently suffers reduction in rates of electrical energy, the matter that threatens it to stop and that its technical equipment are destroyed, therefore, return to the usage of natural gas is a must before stopping the work of the preceded theory depending on electricity. The article clarified that the company’s development needs an increase in capital amount that nearly rates 750 million Dollars, where 300 million Dollars of it has been already covered among old shareholders so that the remaining value would be completed throughout bank loans. This was followed by posing of development project in a world tender, the project has been already settled and the contract has been signed for 18 months, however, the flourish of January 2011 events and what accompanied after regarding economic deterioration, made the bank group hesitate in finishing the loan and return to review its conditions.