 | China PMI hits 50.2 in
June, at 7-month low CHINA´S factory downturn worsened
in June as a key activity index hit a
seven-month low, data expected to
raise expectations the central bank
may seek more policy easing to revive
the world´s second-largest economy.
The official Chinese purchasing
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| | Egypt signs $1
billion deal to
finance food,
energy imports |  THE Egyptian government
signed an agreement on
Sunday with the Saudibased
Islamic Development
Bank (IDB) that will provide
$1 billion to finance energy
and food imports, the government
said in a statement.
It said the agreement with
the International Islamic
Trade Finance Corporation,
part of the IDB, was signed
in Cairo by Waleed Abdul
Mohsen al Wohaib, chief
executive of the institution,
and Egypt´s international
cooperation minister, Faiza
Abu el Naga.
"Dr Waleed al Wohaib
said the institution is keen
to support the Egyptian
economy by offering Islamic
finance aimed at supplying
strategic commodities such
as wheat and petrol," the
statement said.
The finance was part of a
previously announced
agreement to provide Egypt
... | | | Russia´s Bashneft wins
Iraq exploration block |  IRAQ has awarded Russian
oil giant Bashneft rights to
explore for oil in the south of
the country after nearly one
month of negotiations, a senior
Baghdad official said on
Sunday, bringing the total
number of Russian companies
with oil deals in Iraq to
three.
Bashneft and Vietnam´s
PetroVietnam were part of a
consortium led by UK´s
Premier to bid for Block 12 in
Iraq´s fourth energy bidding
round in May. The consortium
rejected the government´s
proposed fee of $5
per barrel of oil equivalent as
too low and sought $9.85 for
each barrel.
The deputy director of the
Oil Ministry´s contracts
department, Sabah al-Saidi,
said that the ministry
reached a separate agreement
with Bashneft last
week after it accepted ... | | | ICL to build $320mn power plant |  FERTILISER and specialty
chemicals maker Israel
Chemicals (ICL) plans to invest
$320 million in a 250
megawatt power plant fuelled
by natural gas at its Sdom work
site in southern Israel.
The combined cycle cogeneration
plant will replace the
plant built in 1995 that uses
diesel generators powered by
heavy fuel oil and its output
will be significantly higher than
the existing plant, ICL said on
Sunday.
It is designed to supply
Sdom´s energy needs for the
next 20 years while reducing
the company´s energy expenditures
and protecting the environment.
The new plant is
based on a gas turbine supplied
by Siemens, which can also be
powered by light fuel oil, if necessary,
and a steam turbine
capable of generating 330
tonnes... | |
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