3 Egyptian companies sign 381.5-mln-USD MoU to expand oil refinery

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CAIRO, Oct. 12 (Xinhua) -- Egypt's Ministry of Petroleum and Mineral Resources announced on Tuesday a new memo for establishing atmospheric distillation project in Assuit province.

Three Egyptian companies: Ennpi, Petrojet and Assiut Oil Refining Company have signed a memorandum of understanding worth 6 billion Egyptian pounds (381.5 million U.S. dollars) to develop a new atmospheric distillation unit and expand oil refinery production, the Egyptian ministry said in a statement.

Ennpi and Petrojet consortium will be the contractor for implementing the project with an annual capacity of five million tons of crude oil, it added.

The ministry explained that the new project is part of the continuous expansion of Assuit refinery that is considered the basic pillar for securing the petrochemicals products to Upper Egypt.

Egyptian Minister of Petroleum and Mineral Resources Tarek al-Molla said the new project will achieve integration among many other developmental plans in southern Egypt.

Egypt has been recently carrying out five large projects for oil refining and petrochemicals with above 14 billion U.S. dollars investments for reaching self-sufficiency of petrochemicals products by 2023, according to the statement.

Total investments that were pumped in the oil and gas fields during the past six years are estimated at 74 billion U.S. dollars, according to al-Molla. Enditem

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