 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 of such plant in the Arab nation and Africa. The signing
ceremony which took place in Beijing was attended by Egyptian Oil Minister
Sameh Fahmi who was on a visit to China and Egypt's Ambassador to China
Ahmed Rezq.
Minister Fahmi said that the Chinese side briefed him about the progress
of manufacturing a maritime oil rig, undertaken by a Chinese company and
will be added to the Egyptian oil potentials for future maritime oil
exploration.
"The total investment cost of the driller is $270 million", he said,
adding that he focused his talks with the Chinese counterpart on four
points including commitment to schedule, training Egyptian cadres,
commitment to quality and boosting Egyptian competitiveness.
Fahmi also pointed out that his visit to China is the third of its kind
and is meant to give a push to the march of joint cooperation in the gas
and oil spheres.
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.
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