MIDOR to receive $1.2 billion loan from Crédit Agricole, BNP Paribas, CDP
The Middle East Oil Refinery (MIDOR) is set to receive a USD 1.2 billion loan in 1Q2018 from a banking consortium composed of Crédit Agricole, BNP Paribas, and Italian bank Cassa Depositi e Prestiti, an unnamed Oil Ministry official tells Al Shorouk. MIDOR had reached a preliminary agreement with the banks last year. The loan […]
Petroleum Minister looks into MIDOR refinery expansion with Technip
Minister of Petroleum Tarek El Molla and Marco Villa, Chairperson of Technip, the Italian project management and construction company, looked into the expansions of the Middle East Oil Refinery (MIDOR) and the project to establish a new complex for fuel oil hydrogenic cracking in the Assiut Petroleum Refinery (ASORC), according to a report issued by […]
El Molla: 4 refining projects to be completed in 4 years with a cost of $8.3 billion
Minister of Petroleum Tarek El Molla: Ministry targets implementing 8 projects to develop gas fields worth $17.5 billion. Minister of Petroleum and Mineral Resources Tarek El Molla told Daily News Egypt that the Ministry of Petroleum is seeking to implement 12 projects to develop gas fields at a cost of $17.5 billion, next to completing […]
Oil Ministry building $160 million Damietta pier, studying new petrochemicals projects
Engineering designs are being drafted for a new USD 160 million pier at Damietta Port to expand shipping and storage services, according to an Oil Ministry statement. The pier, set to be completed in 3Q2020, will support urea and ammonia exports by MOPCO. The Ministry is also studying building a refinery in Suez, a propylene […]
Saudi Aramco considers using Egypt to refine its crude oil for sale to Europe
Good news for Egypt’s energy hub ambitions: Saudi Aramco is considering using excess capacity at Egyptian refineries to refine Saudi crude and use Egypt as a marketing hub for refined Saudi oil products, according to Ahram Gate. The suggested plan is to ship the crude through the SUMED pipeline and use Sidi Kreir as a […]
AMOC considers building $500 million fuel oil refining complex
State-owned Alexandria Mineral Oils Company (AMOC) is considering spending USD 500 mn on a fuel oil refining project, chairman Amr Mostafa tells Al Mal. Technical studies are being drafted and are expected to be completed before year-end. The company is also issuing a tender for the development of a USD 50 mn fuel oil production […]
El-Molla: Egypt plans $4 billion petrochemical complex in Suez
Egypt is planning to establish a petrochemical complex in Suez, with an investment cost worth more than $4 billion, Petroleum Minister Tarek el-Molla said Thursday. The Ministry of Petroleum will build the complex in partnership with Ministry of Public Business Sector, El-Molla added in a press conference. The Egyptian Petrochemicals Holding Company (ECHEM) as well […]
MIDOR seeks $1.2 billion facility to fund expansion plans
Middle East Oil Refinery (MIDOR) renewed its request for a USD 1.2 bn loan from a banking consortium including Italian bank Cassa Depositi e Prestiti (CDP), BNP Paribas and Crédit Agricole, a source tells Al Mal. The loan is set to finance expansion plans for its refineries, as it wants to bring its refining capacity […]
MIDOR increases refining capacity by 109% y-o-y in Q12017
Middle East Oil Refinery (MIDOR) raised its refining capacity by 109% y-o-y in Q12017 to 3.9 mn bbl of refined crude, a source tells Al Shorouk. The increase is fueled by the USD 20 mn spent on the first phase of its expansion plan, which started in January. MIDOR targets bringing its refining capacity up […]
ERC Refinery to begin production in 2018
The Egyptian Minister of Petroleum and Mineral Resources Eng. Tarek El Molla said that the Egyptian Refining Company’s (ERC) project is expected to be begin operating by the end of 2017. The minister added on the sidelines of his visit to the Cairo oil refinery on Saturday that actual production is expected in 2018. The […]