The Minister of Economic Development Flavio Zanonate this morning he intervened to reassure the Italian companies that carry out their business in Egypt where a coup d'état has been underway since yesterday evening. “Egypt – he told Radio Anch'io – is an important country for us: we have an exchange of 6 billion euros. We are the first European country and the third in the world for trade with Egypt. We are very interested in finding a stable relationship with this country”. “However, I cannot guarantee – she continued – whether or not there will be repercussions on trade relations between the two countries. However, the relationships will remain because our large companies are very important there".
What are our big companies in Egypt. Kepler Cheuvreux has drawn up a list: it's at the top Italcementi. The group, specialized in the production and marketing of cement and hydraulic lime, generates 13,6% of turnover and 22,6% of EBITDA (18% of invested capital) in Egypt. Cementir generates 5,5% of turnover and 13% of EBITDA (9% of invested capital) in the country. Pirelli has a production plant in the city of Alessandria, specialized in the production of truck tyres. For the group, the Middle East/Africa area accounts for 9% of turnover. Amplifon has thirteen shops in Egypt (managed by third parties). Intesa Sanpaolo holds 80% of Bank of Alexandria, which contributes 1,7% to consolidated revenues, 4% to net income, with a book value of 416 million euros. Eni it is the largest hydrocarbon producer in Egypt
Eni's managing director Paolo Scaroni said that "for the moment everything is fine, I have no reason to worry much". The president, Giuseppe Recchi, added that there are no safety problems for the plants. Mediobanca analysts are also cautious and confident: "Political instability in the country is nothing new compared to the already tense political situation seen last year".
