Cairo – Mubasher: Egypt’s oil ministry on Wednesday signed a group of agreements and memorandums of understanding (MoUs) during the Egypt Petroleum Show (EGYPS 2020).
The ministry signed an agreement with BSW Group Holdings and Shard Capital Partners for a processing and petrochemical complex planned to be built in New Alamein with estimated investments of $8.5 billion.
The project is aimed at exploiting crude oil produced from Western Desert fields to produce a host of specialised petrochemical products with a total annual capacity of 1.5 million tonnes.
The Egyptian oil ministry also signed $35 million agreement with Neptune Energy for projects in the Suez Gulf area. The agreement includes $11 million grant for the drilling of three wells.
Moreover, the ministry and its subsidiaries signed agreements with Italy’s Saipem and Landi Renzo, and Canada’s Methanex.
It is worth highlighting that the oil ministry signed several MoUs at EGYPS 2020.
EGYPS 2020 is held on 11-13 February at the Egypt International Exhibition Center. The three-day event is expected to attract 30,000 visitors, 1,600 delegates, 270 speakers, and 450 exhibitors.
