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Egypt Signs $2B Refinery Deal with China - ASHARQ AL-AWSAT English Archive
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CAIRO, (AP) – Egypt’s oil ministry says it has signed a memorandum of understanding with two Chinese companies to build a $2 billion refinery that would be the largest such plant in the Arab nation.

The statement reviewed Monday on the ministry’s Web site said the refinery would have an initial capacity of 15 million tons per year, to be expanded by another 15 million tons in the second phase of the project. It provided no date for when the project would begin.

Under the terms of the deal, China’s Rongsheng Holding Group and China National Chemical Engineering Co. Ltd., would retain ownership of the plant for 25 years.

The new plant will produce refined products for the domestic market, as well as export to China.

The deal was signed in Beijing.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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