Qalaa’s Mashreq in talks to terminate East Port Said’s liquid bulk station contract

Mashreq Petroleum, a subsidiary of Qalaa Holdings, is in negotiations with the General Authority of the Suez Canal Economic Zone to terminate a contract to build, operate, and transfer a liquid bulk station at Egypt’s East Port Said, Qalaa said in a Monday bourse statement.

Mashreq Petroleum, established in 2004, has a lease for a 210,000-square-metre plot of land at East Port Said, near the Suez Canal. It aimed to develop a fuel bunkering facility in the area.

Qalaa is one of Egypt’s largest investment companies with around $9.5 billion in assets under management, including stakes in companies in Egypt, east and north Africa.

Source: Reuters