Suez Oil Processing Company (SOPC) has signed a contract with France’s Foster Wheeler to make the technical and economic studies for SOPC’s oils complex on Tuesday.
The contract was signed by SOPC’s Chairman Reda Abd El-Samad in the presence of Petroleum Minister Sherif Ismail.
SOPC’s oils complexes will be constructed with investments volume of US$500 million to meet local market’s needs of petroleum products.
The minister noted that the new oils complex comes among a bunch of the petroleum projects presented by one of the investments banks during Egypt Economic Development Conference (EEDC).
He asserted that petroleum sector has an ambitious and clear vision to develop and boost the efficiency of current refineries in addition to establishing new units to increase the capacity in order to meet local market’s needs of petroleum products as well as the developmental projects set to be executed.
Moreover, Abd EL- Samad stated that the complex is to produce around 262.000 tonns of petroleum products annually, and set to start operating at the end of 2018.