Establishing a cooperation for refining petroleum in Egypt

A group of Egyptian investors decided to support the Egyptian banks in establishing a new corporation for petrochemicals and refining petroleum west of Alexandria, at a cost of $1.5 billion.

The Egyptian Ministry of Petroleum released a statement saying that the capital of the Alexandria Company for Petrochemicals and Refinement, the owner of the project, amounts to $265 million dollars.

The corporation will include two stations for petrol and a unit for condensations producing 940,000 tonnes annually.

Companies owned by the Egyptian government will pay 60% of this project's capital. They are: Alexandria Company for Petroleum, Egyptian Company for Petroleum, Egyptian Ahli Bank, International Bank, and Alexandria Bank. The private sector will contribute the rest.

Egypt's production of petroleum amounts to 798,706 barrels daily.