3 Insurance Companies Competing to Win Misr Petroleum’s Tender EGP1.5 bln

Egypt General Insurance and Property companies, Iskan Insurance and Arab Misr Insurance Group (GIG) are competing to win Misr Petroleum Company’s tender of all its properties and assets.

Adel Hegazy, General Manager of Accident and Petroleum Insurance Sector at GIG said the total amounts of Misr Petroleum properties and assets insurance document are EGP1.5 billion.

Hegazy has informed Amwal Al Ghad in an exclusive that the document includes covering all of buildings, stores, spare parts and assets of the oil company against the risks of fire, explosion along with social responsibility.

Hegazy added that the technical and finance envelopes of the tender opened in the last week, explaining that his company was less expensive among the three companies, but the final broadcast of the tender postponed to the next month.