Chinese Companies to Build $2 bn Egypt Refinery.Source: Bloomberg 5/2/2010, Location: Egypt |
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Egypt’s government signed an agreement with two Chinese companies to build and operate a $2 billion refinery in the North African nation, the Oil Ministry said.
The companies are the Rongsheng Holding Group and the China National Chemical Engineering Co. Ltd., the ministry said in a faxed statement. The refinery, which will be Egypt’s largest, will produce as much as 30 million metric tons of refined products a year, the ministry said. Under the terms of the contract, ownership of the facility will be transferred to Egypt 25 years after its start-up date. Amongst other products, the refinery will produce jet fuel and diesel for the domestic market and naphtha for export to China, the ministry said. |
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