Egypt finalizes two refinery modernization agreements with Technip

TechnipUnder two separate agreements, which were signed during a recent visit to Italy by Egyptian government officials, Technip Italy S.p.A. will provide an array of services for modernization projects at Egyptian General Petroleum Corporation’s (EGPC) 4.5 million-ton/year Assiut refinery in Upper Egypt (ASORC), and Middle East Oil Refining Company’s (MIDOR) 100,000-b/d refinery in Alexandria, Technip said.

The agreements in the frame of the long-standing cooperation between Italian and Egyptian Governments and companies, especially in the Oil and Gas sector, according to Technip.

TECHNIP, EGPC AND ASORC AGREEMENT FOR THE ASSIUT REFINERY:

Technip Italy S.p.A.* announced the finalization of a joint agreement with Egyptian General Petroleum Corporation (EGPC) and Assiut Oil Refining Company (ASORC) for the modernization project of the Assiut refinery, Upper Egypt, designed to refine the “bottom of the barrel”.

The investment has an estimated total value of 1.5 billion US dollars, aims at maximizing diesel production, will introduce the most modern refinery technologies in Upper Egypt and satisfies the growing local demand from petroleum products.

According to the agreement announced, Technip will now start activities for the project, as well as providing support to ensure project financing. SACE is ready to evaluate a possible intervention to support the project.

In due course, Technip will take responsibility for the EPC phase of the project.

This agreement was signed during the visit of the Egyptian Government in Italy, in the presence of the Egyptian Prime Minister Ibrahim Mahlab, the Italian Prime Minister Matteo Renzi, the Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail, the Italian Deputy Minister of Economic Development Carlo Calenda and the Representatives of the involved Companies: Mohamed Taher Hafez, Deputy CEO for Planning and Projects of EGPC, Mohamed Allam Ahmed, Chairman of ASORC and Marco Villa, CEO of Technip Italy S.p.A.

TECHNIP, SACE AND MIDOR AGREEMENT FOR THE ALEXANDRIA REFINERY:

Technip Italy S.p.A.* and SACE 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.

The investment has an estimated total value of 1.4 billion US dollars and aims at improving the production quality of the plant, considered the most advanced of the African continent, by increasing its refining capacity from 100,000 to 160,000 barrels of crude oil per day.

According to the agreement announced, SACE commits to launch the evaluation process in order to ensure an export credit facility to support the project. Technip will in parallel start the activities on the project.

In due course, Technip will take responsibility for the EPC phase of the project.

This agreement was signed during the visit of the Egyptian Government in Italy, in the presence of the Egyptian Prime Minister Ibrahim Mahlab, the Italian Prime Minister Matteo Renzi, the Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail, the Italian Deputy Minister of Economic Development Carlo Calenda and the Representatives of the involved Companies: Mohamed Abdel Aziz Chairman and CEO of Midor, Marco Villa, CEO of Technip Italy S.p.A. and Alessandro Castellano CEO of SACE.

*Technip Italy S.p.A. is one of the main operating center of Technip Group.

(Technip Press Releases)

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