Egypt invests $2.7bn in Mostorod refinery
The Egyptian Refining Company will invest a further $2.7bn in 2015-2016, to complete its Mostorod project, according to the company’s commercial director, Wael Al-Orabi.
The Mostorod refinery will receive fuel oil from the Egyptian General Petroleum Corporation (EGPC) and convert it into diesel. The diesel will then be resold to EGPC at global prices over a period of 25 years.
Production will begin during the first quarter of 2017. The project is estimated to provide 50%-60% of domestic Egyptian diesel needs, which will save approximately $300m annually from the state budget for import, shipping, and transport costs of petroleum products.
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