Dr. Ahmed Radwan, CEO of the Greek “Mac Optic” Group in Egypt and Vice President of the global parent company, stated in an exclusive phone interview that his company will soon obtain approval from the Petroleum Authority to establish a refinery within the Economic Zone in North West Gulf of Suez. He mentioned that they have already secured 3 million square meters of land from the Economic Zone Authority, which is responsible for completing all necessary licenses.
Radwan noted that no upfront payments have yet been made to the Chinese construction consortium, and no feedstock contracts have been signed. He hinted that the refinery, once operational, would import crude oil from Basra.
He added that negotiations for the necessary gas supply for the refinery would take place in the coming days, and that Mac Optic’s capital would be increased by 600 million euros in the coming weeks. The company is currently seeking the most suitable bank to transfer the funds.
Radwan emphasized, “We have our financing and do not need bank loans.” He also mentioned that the company would be responsible for preparing the infrastructure on the land, which currently lacks water, electricity, and gas. He revealed that a new company named “Mac Oil Refinery & Petrochemical” would be established to manage and operate the upcoming refinery.
Meanwhile, a spokesperson from the General Petroleum Authority confirmed that the authority has not yet been notified of the new refinery or received any license requests.
