Technip in $2.9bn deal to upgrade Egypt refineries
ROME,July 27,2015
Technip Italy, a world leader in project management for the energy industry, has finalised two joint agreements valued at a total of $2.9 billion with Egypt-based companies for upgrades of two refineries in the North African country.
The contract with Egyptian General Petroleum Corporation (EGPC) and Assiut Oil Refining Company (ASORC) for the modernization project of the Assiut refinery, Upper Egypt.The investment has an estimated total value of $1.5 billion, aims at maximizing diesel production to meet the growing local demand for petroleum products.
In another development, Technip Italy and SACE(a provider of investment protection services) announced the finalization of a joint agreement with Midor (Middle East Oil Refinery) for a project to modernize and expand the Midor refinery near Alexandria, Egypt.
The investment has an estimated total value of $1.4 billion and aims at improving the production quality of the plant.TradeArabia News Service
