Cairo – Mubasher: The Chinese Sinohydro Corporation, a subsidiary of Power Construction Corporation of China (PowerChina), has signed a $1.99 billion agreement with Egypt-based El Sokhna Refinery and Petrochemicals (FRPC), according to Global Times on Wednesday.
This deal aims at establishing a 155,000 barrels per day (bpd) oil refinery, the Chinese newspaper noted.
PowerChina will be responsible for the design, procurement, and construction of the project’s facilities, the newspaper added.
As per the agreement, the project is anticipated to be completed within 44 months.
