PHOTO
Arab Finance: Egypt’s Ministry of Investment and Foreign Trade has imposed a three-month duty on all nitrogen-based fertilizer exports, according to the official gazette.
The duty is set at $90 per ton or its equivalent in Egyptian pounds as per the exchange rate announced by the Central Bank of Egypt (CBE) at the time of payment.
The decision was issued after reviewing Import and Export Law No. 118 of 1975 as well as related presidential and regulatory decrees following the approval of the Cabinet during its session held on April 22nd.
Such a move aims to achieve a balance between meeting the local market demand for fertilizers and ensuring price stability, while simultaneously supporting the country's foreign currency resources amid global market fluctuations.
The government earlier announced new prices for natural gas supplied to certain industrial activities and the petrochemicals sector. The revised rates set gas for cement factories at $14 per million British thermal units (MMBtu) and $7.75 for iron, steel, non-nitrogen fertilizer, and petrochemicals.
Other industrial activities and selected petrochemical plants that produce ethane and propane will be charged between $6.50 and $6.75 per MMBtu.
