My N.American Egyptian Princess sent me this wonderful link from Reuters Economic news and it made my day :)
It turned out that the relocation of the factory would cost the company so much added to it that no other Governorate wants to have in its land especially Port Said , the second suitable location after Damietta.
The Company after the recommendation and report of the Parliament has no other choice except to pack their bags and it is not their first time to do it , already it would be bad for their image to stay in Damietta despite the huge public with the help of the government breaking the decision of the parliament.
Update : The stocks of Agrium went down 11 cent in the stock Market because of this ,they are putting hope that the Egyptian Government would pay 200 million dollars compensation despite the agreement between Egypt and Canada which I mentioned before
On the other hand the Damietta people are celebrating their victory yesterday and today.
We won
What bugs is that the NDP in Damietta is hanging “Thank you president Mubarak and son” posters all over the cities despite Mubarak and son did nothing. I think if we were as careful as the people of Damietta on our Egypt , our lives would be different
Again this is not a victory for us or Egypt or Damietta but for the whole planet earth
that's really a relief. I thought they are staying no matter what...a huge step for the Human Rights and Environment organization in Egypt
ReplyDeleteyes it is huge step but unfortunately I do not see any role for any Environment organization nor any human rights organization here at all
ReplyDeleteit was the people themselves
Just a correction, the company's stock went down 10 cents not $.
ReplyDeletethe stock price is around 110 $C
the reason the stock price wasn't affected much is because the egyptian government is on the hook for 280 M $ to Agruim
@anonymous, You are right. Agrium stock does not appear to be affected by what happened in Egypt. In the contrary, it defies the current bad market condition and keeps going up with price target of $131.
ReplyDelete@anonymous and Hazem , sorry for this mistake ,my source was the press and you know how it is in Egypt
ReplyDeletestill the Egyptian Government could get away because there is an agreement between Egypt and Canada in 1998 that says Egypt has the right to close any Canadian project provided it harms the environment which is our case here