Egypt’s Petrojet negotiates with insurers to cover assets – sources

Egypt’s state-run Petrojet in talks with non-life insurance companies operating in the country to cover its assets within the financial year 2020/2021, said sources in the insurance sector on Wednesday.

Petrojet is a multidisciplinary integrated contractor founded in Egypt in 1975 to be the construction arm of the Egyptian Petroleum sector.

The insurance policy is with a total sum insured of 3.5 billion Egyptian pounds ($222.4 million), the sources with knowledge further told Amwal Al Ghad.

“The policy includes coverage of the company’s (Petrojet) properties and facilities against risks related to fire and burglary,” they said.

The policy will also cover additional risks that may occur to Petrojet’s facilities, besides fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, the sources added.