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
 Mar 27 2017 - du celebrates the month of reading with first internal ‘duReads’ forum held exclusively for employeesMENAFN Press
(MENAFN Editorial)In celebration of March as the month of reading, du held the first ever reading forum – ‘duReads’ – in the history of the company at Al Salam Tower in Dubai. Spanning two exciting ...

 Mar 27 2017 - Sharjah Police Launches Third Online Auction for Vanity Number PlatesMENAFN Press
(MENAFN Editorial)Sharjah Police announced launching its third online auction for distinguished number plates, in collaboration with Emirates Auction, the leading auction house in the Middle East, ...

 Mar 27 2017 - Almosafer launches flight booking serviceMENAFN Press
(MENAFN Editorial)After successfully running its hotel reservations platform for several years, Almosafer has now released its new flight reservation feature for both their web and mobile app ...

 Mar 27 2017 - USA in top 10 at Rankdit countries Rank for the Third day In rowMENAFN Press
(MENAFN Editorial) While United Arab emirates stayed at the top of the list followed by Jordan , USA reached the top 10 from day one The exciting challenge to share 10 sec. disappearing videos ...

 Mar 27 2017 - Zebra Technologies’ Next-Generation Solutions Recognized with Four iF Design Awards 2017MENAFN Press
(MENAFN Editorial)Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in providing solutions and services that give enterprises real-time visibility into their operations, announced that ...

 Mar 27 2017 - Global expands and diversifies its real estate holdings in the UK with two new acquisitions in the greater Manchester areaMENAFN Press
(MENAFN Editorial)Acting on behalf of its clients, Global Investment House (Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait with offices in major capital ...

 Mar 27 2017 - 80% of Professionals in the Middle East Find It Easier to Communicate with Employers via Online Job SitesMENAFN Press
(MENAFN Editorial): A new poll by Bayt.com, the Middle East’s #1 job site, entitled ‘Communication at Work in the Middle East,’ revealed that almost all respondents (91.4%) from the Middle East ...

 Mar 27 2017 - Johannesburg to host the 10th Edition Hotelier Summit AfricaMENAFN Press
(MENAFN Editorial)Africa is steadily developing into one of the world’s greatest tourist destinations, and there is a need for increased demand for Hotels across the continent. In South Africa, ...

 Mar 27 2017 - H.E Dr. Aisha Bin Bishr Represents Smart Dubai at The World Happiness SummitMENAFN Press
(MENAFN Editorial) UAE, March 26, 2017- H.E Dr. Aisha bin Bishr, Director General, Smart Dubai Office, showcased the successes of Smart Dubai over the past three years in an international ...

 Mar 27 2017 - Software AG & RIT University Dubai enter into a partnershipMENAFN Press
(MENAFN Editorial) March 26, 2017- Software AG, a global leader in enterprise architecture, IT planning, business process management, integration and big data, recently joined forces with ...





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