Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt- High import cost opens the expansion file for oil crops cultivation  Join our daily free Newsletter

MENAFN - Daily News Egypt - 20/03/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - Daily News Egypt)

High oil import costs led to opening the cultivation of oil crops' file. Abdul Moneim El-Banna, Egyptian Minister of Agriculture, said that the ministry will pay a great deal of attention to oily crops during the coming period to reach a production of 25% of oil needs in the local market.

Agricultural experts and investors are betting on expanding in the cultivation of oil crops—such as olive, sunflower, corn, and peanuts—to fill the gap between production and consumption and to protect the market from the fluctuation of the global markets and the dollar exchange rate.

Raouf Tawfik, managing director of Dina Farms, said that the cost of cultivating a tonne of local corn is roughly EGP 3,300, which recently registered EGP 4,000, which motivates farmers to cultivate it.

He expected a quick jump in oil crops cultivated locally to benefit from the high economic revenue after increasing the cost of imports, which is the good side of the flotation of the pound on the long term.

Mostafa Al Wazeer, an agricultural investor, said that the price of oil palm seeds he imported from #Malaysia at EGP 8 two years ago—for the cultivation of 500 experimental seeds—reached EGP 15 now, contrary to its low production costs due to not requiring labor.

The scientific research conducted by the National Research Centre proved the possibility of oil palms cultivation in the deserts; however, this sector hasn't seen investments yet.

Al Wazeer added that oil palm productivity increases in the desert areas with high humidity, and thus will not affect the main crops' cultivated spaces.

According to the statistics of the Nional Research Centre, the area of the feddan (1.038 acres) allows the cultivation of 26 palm trees at a distance of 10 metres, with an average productivity of a tonne of crude oil per feddan. The tree produces clusters, and each cluster weighs 25kg with 3,000 fruits.

Olive oil is the second-highest oil crop cultivated locally by 50%, and the productivity per acre varies between 3 and 3.5 tonnes.

Wael Ghaith, head of the North Sinai plant subsidiary of the Desert Research Centre, said that oil palm cultivation has not proved its success on the ground so far, which makes the private sector refuse to expand in order to avoid exposure to losses.

He pointed out that more than 60,000 of the governorate's acres are oily seeds owned by small farmers, and the absence of private sector investments is clear. The average cost of production per acre is worth EGP 13,000, with productivity of 700 kg of olive oil, the one-tonne worth of which is 4,000.

The department of oil crop research called on farmers to expand the cultivation of sunflower seeds in order to meet the needs of the local market. The productivity average per acre is roughly a tonne of seeds at a ratio that exceeds 40%, and the oilcake (which contains a high percentage of protein) used in animal feed.

In the same context, Mohamed Shaaban, head of the 6th of October City's Investors Association, called on the state to expand in the field of oil extraction from oil palms—in order to take advantage of low operation costs and ease the pressure on the dollar—and increase the number of oil extraction factories.



Daily News Egypt

  MENA News Headlines
 Apr 27 2017 - Afghan, Iraq Troops a 'Long-Term' Pledge: TurnbullDaily Outlook Afghanistan
(MENAFN - Daily Outlook Afghanistan) KABUL - Australian soldiers will remain in Iraq and Afghanistan for a long time, Prime Minister Malcolm Turnbull has said during a secret visit to the Middle ...

 Apr 27 2017 - Jordan- Interior minister discusses with British official security cooperationJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 27 (Petra)--Interior Minister Ghalib Al Zu'bi on Thursday, discussed with London Metropolitan Police's acting deputy commissioner Police Mark Rowley, scopes ...

 Apr 27 2017 - Jordan- King congratulates Sierra Leone, Togo on national daysJordan News Agency
(MENAFN - Jordan News Agency) For newspapers........ Amman, April 27 (Petra)--His Majesty King Abdullah II, on Thursday, sent cables of congratulations to President of Sierra Leone Ernest Bai Koroma ...

 Apr 27 2017 - Jordan- State minister for media affairs meets IINA directorJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 27 (Petra)--State Minister for Media Affairs and Government Spokesperson Mohammad Momani received on Thursday, Director General of the International Islamic ...

 Apr 27 2017 - Jordan- Spring, warm weather forecast over weekendJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 27 (Petra)-- Warm and spring conditions are forecast to prevail Thursday in most parts of the Kingdom, while it will be relatively hot in the Dead Sea and ...

 Apr 27 2017 - Jordan- Huge blasts rocks Damascus airport, thought to be Israeli strikesJordan News Agency
(MENAFN - Jordan News Agency) Amman, April 27 (Petra) --Several large explosions early Thursday have reportedly hit the vicinity of Damascus airport. According to Sputniknews, Israeli war planes ...

 Apr 27 2017 - Kuwait's Interior, Foreign and Defense Ministers depart to RiyadhKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 27 (KUNA) -- First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, Deputy Prime Minister and Defense Minister ...

 Apr 27 2017 - Kuwait- Two police shot while arresting suspected extremist on Reunion IslandKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, April 27 (KUNA) -- Two French police officers were shot and wounded Thursday during an operation to arrest a radical extremist suspected of terrorist ...

 Apr 27 2017 - Kuwait divers take part in Int'l conf. on marine lifeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 27 (KUNA) -- Kuwait Dive Team (KDT), affiliated with the Environmental Voluntary Foundation (EVF), has taken part in an educational conference on ...

 Apr 27 2017 - OPEC, non-OPEC most likely to extend output cut for 6 months moreKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) VIENNA, April 27 (KUNA) -- The OPEC and non-OPEC producers of the 'Declaration of Cooperation' to cut oil production will meet in Vienna on May 25 and are most ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help