Mitsui and GS E&C signed US$1.8Bil Egypt refinery order

abarrelfullabarrelfull wrote on 13 Dec 2012 10:19

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Mitsui announced today that the consortium consisting of Mitsui & Co. and GS Engineering & Construction (South Korea) signed an Engineering, Procurement and Construction (EPC) contract for building a hydro-cracking plant with Egyptian Refining Company* on 29th August.

The contract value is approx. US$1.8 Billion, which is the largest Mitsui has ever been awarded in the Middle East.

The shortage of diesel oil is a serious problem in Egypt where the popularization of automobile use has caused increased consumption of diesel oil against a background of more than 6% economic growth. The Hydro Cracking plant is planned to be built adjacent to the exiting refinery in Cairo and commence refining the residual oil produced by the refinery to diesel oil (Approx. 1,500,000MT/Year) for the domestic market from the middle of 2011.

Mitsui will continue to develop proactively a refinery project and infrastructure project in the Middle East where the other large scale refinery projects are under consideration with further economic growth expected.

  • Egyptian Refining Company is the project company owned 85% by Citadel Capital (an Egyptian private investment company) and 15% by the Egyptian General Petroleum Company, which is a wholly-owned company by the Ministry of Petroleum, Egypt.

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