MIDOR in Egyptian hands

Jan 15, 1997 01:00 AM

Jan. 8, 1997 The Egyptian public sector has quadrupled its capital in a $ 1.2 bn JV to build an oil refinery with Israelis in a structural change which also doubles the capital of the company. The change gives the state's Egyptian General Petroleum Corporation (EGPC) effective control of the project. The Middle East Oil Refinery (MIDOR), was initially dominated by the Merhaf Group of Israel and Swiss-based Maska Swiss, led by Egyptian businessman Hussein Salem. Salem remains chairman of MIDOR, and told that EGPC now has 40 % of the capital, which has risen to $360 million from $180 million. The Egyptian companies Petrojet and Enppi (Engineering Petroleum and Process Industries) have taken 10 % each. The companies nominally have private-sector status but EGPC is the biggest shareholder in both. Merhaf and Maska Swiss did not contribute to the capital increase so their stakes have halved to 20 percent each. Salem said the structural change took place last month with the full approval of all the parties.
Theproject is going to open by the end of the year 2000. The plan is to process 100,000 barrels of crude a day, mostly into unleaded petrol. MIDOR said in July that Israel and Egypt would each get a third of production while the rest went to adjacent markets such as Turkey, southern Italy, Greece, Cyprus and the Palestinian territories. Under contracts signed last year, Technipetrol of Italy and Technip of France will build the refinery. The US companies UOP, Conoco and Bechtel will supply technology and Louisiana Carbon will participate in product offtakes.

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