Technip Italy S.p.A. and SACE announced the finalization of a joint agreement with Midor (Middle East Oil Refinery) for a project to modernize and expand the MIDOR refinery near Alexandria, Egypt in the frame of the long-standing cooperation between Italian and Egyptian Governments and companies, especially in the Oil and Gas sector.
The investment has an estimated total value of 1.4 billion US dollars and aims at improving the production quality of the plant, considered the most advanced of the African continent, by increasing its refining capacity from 100,000 to 160,000 barrels of crude oil per day.
According to the agreement announced today, SACE commits to launch the evaluation process in order to ensure an export credit facility to support the project. Technip will in parallel start the activities on the project.
In due course, Technip will take responsibility for the EPC phase of the project.
This agreement was signed during the visit of the Egyptian Government in Italy, in the presence of the Egyptian Prime Minister Ibrahim Mahlab, the Italian Prime Minister Matteo Renzi, the Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail, the Italian Deputy Minister of Economic Development Carlo Calenda and the Representatives of the involved Companies: Mohamed Abdel Aziz Chairman and CEO of Midor, Marco Villa, CEO of Technip Italy S.p.A. and Alessandro Castellano CEO of SACE.