Technip, EGPC and ASORC agreement for $1.5B modernization of Egypt’s Assiut Refinery; maximizing diesel
28 July 2015
Technip Italy SpA announced the finalization of a joint agreement with Egyptian General Petroleum Corporation (EGPC) and Assiut Oil Refining Company (ASORC) for the $1.5-billion modernization project of the Assiut refinery, Upper Egypt. The investment aims to maximize diesel production, and will introduce the most modern refinery technologies in Upper Egypt, satisfying the growing local demand for petroleum products.
According to the agreement, Technip will now start activities for the project, as well as providing support to ensure project financing. The Italy-based SACE insurance and finance group is ready to evaluate a possible intervention to support the project.
In due course, Technip will take responsibility for the EPC phase of the project.
ASORC is a subsidiary of Egyptian General Petroleum Corporation (EGPC) and was established in October 1984 to meet Upper Egypt’s petroleum products needs.ASORC is located 400 km (249 miles) south of Cairo and it is built over 1037 acres. The refinery has a capacity of 4.5 MM T/Y. ASORC started building a new Naphtha Complex (NHT, CCR and Isomerization unit) with a capacity 660,000 T/Y to provide high octane gasoline and different grades of gasoline for Upper Egypt.
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