Investors plan $ 1 bn oil refinery in Egypt

Oct 10, 2005 02:00 AM

A group of Egyptian and Gulf investors are planning to build a $ 1 bn oil refinery in Egypt with capacity to process 130,000 barrels of oil per day.
The main shareholders would be state-owned Egyptian General Petroleum Corporation (EGPC), with roughly 16 %, and investors from Kuwait and Saudi Arabia.

The refinery, which is expected to start up by summer 2009, would process 130,000 bpd of mainly local Egyptian heavy crude with some imports, and would produce fuel to meet "Euro 5" European Union regulations on car emissions, according to an executive close to the project.
He added that the contract for construction is expected to take three years and was likely to be awarded in the summer of 2006.

Source: MENAFN
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