China to build refinery in Egypt

Mon May 3, 2010

Cairo and Beijing have inked an agreement under which two Chinese companies will construct a 2-billion-dollar refinery, says Egypt's Oil Ministry.

The refinery would have an initial capacity of 15 million tons per year, to be expanded by another 15 million tons in the second phase of the project, the Associated Press reported.

According to the report, no date has been set for the beginning of the project.

Chinese firms, Rongsheng Holding Group and National Chemical Engineering Co. Ltd., would retain ownership of the plant for 25 years.

The new plant will produce refined products for the domestic market as well as export to China.

Source: PressTV.
Link: http://edition.presstv.ir/detail/125297.html.