Trading of the company's shares accounted for 12.33 per cent of total trading action this week. The company's stock dropped in value by LE4 to close at LE86. This loss is expected to be recovered now that the parent company, the Holding Company for Mining and Refractories, has announced plans to float 2.5 million of ETC's shares within the next few weeks. The new plant will be part of a massive project to export LNG to Turkey. The complex, to be built west of Port Said, will include an LNG plant and LNG shipping terminal.
Engineering studies are currently under way to determine optimum site plans and port design.
Robert Shepherd, president of Amoco Egypt, announced that detailed gas sales negotiations between Amoco EGPC and Turkey's national oil company, Botas, are being held, following the signing of a memorandum of understanding last November. He added that the selection of the project's financial adviser is in its final stages and will be announced shortly. The company will be responsible for the transportation and commercial sale of LNG to Turkey via specially-insulated tankers which will be either purchased or leased. Other financial arrangements for the project will be announced soon.