Volume 3, issue #24 - 13-10-1998

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Three bid on refinery modernisation project in Egypt

Aug. 14, 1998 Three international groups -- Toyo Engineering Corp., Italy-based Snamprogetti, an Italian unit of Foster Wheeler Corp. with Japan's Chiyoda Corp. -- have bid on an oil refinery modernisation project in Egypt valued at an estimated $ 450 mm.
Misr Oil Processing Co., a joint venture of Egyptian General Petroleum Co. (EGPC) and its subsidiary, Nasr Petroleum Co., plan to build state-of-the-art facilities to process crude oil into value-added products such as gasoline, diesel fuel, kerosene and jet fuel.
The facility will include a 55,300-bpd vacuum distillation tower, 35,000-bpd hydro-cracking equipment and 20,000-bpd equipment to reduce the viscosity of residual oil.