Egypt’s Misr Insurance settles $152.2mn compensation for oil plant

Egypt’s state-owned Misr Insurance has settled compensation worth 2.5 billion Egyptian pounds ($152.2 million) for an oil plant, said chairman on Monday.

“The compensatory value (2.5 billion pounds) is due to a failure in one of the oil plant’s machines,” Mohamed Hassan said.

Misr Insurance had earlier won an insurance policy to cover all dangers related to fire and burglary as well as engineering risks that may occur to the oil plant’s machines, Hassan added.