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Oil & Gas

Italy eyes energy projects in Egypt

Posted: February 4, 2016 at 5:01 pm   /   by   /   comments (0)

Italian Minister of Economy Federica Guidi previously said Egypt is keen on attracting Italian investments

Italy has agreed to upgrade Egypt’s Middle East Oil Refinery (MIDOR), participate in building a complex for petrochemical industries in Ain Sokhna, and update a number of combined-cycle power plants.

The projects are also expected to increase energy efficiency, Head of the Cairo’s Egyptian-Italian Business Council Khaled Abu Bakr said in statements on Wednesday, state-run news agency MENA reported.

Italian Minister of Economy Federica Guidi previously said Egypt is keen on attracting Italian investments.

Guidi, who is in Egypt heading a delegation of Italian companies to discuss investments, made the statements during a Tuesday meeting with the Egyptian Minister of Industry Tarek Qabil.

The trade volume between both countries registered €5.1m in 2014, up from €4.7m in 2013.

Qabil expected a leap in Egyptian-Italian economic relations, predicting the participation of Italian companies in large-scale projects, such as the Suez Canal Area Development project, the Golden Triangle, Al-Robeky City for leather and furniture industries in Damietta.

(Source: Daily News Egypt)

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