The Greek company Mac Optic has signed a contract to establish its first refinery in Egypt in the Suez Gulf region with a global consortium comprising three leading Chinese companies specialized in construction and contracting, with a contractual value of $3.8 billion.
Through this agreement with the Chinese companies, the company aims to establish its first and largest refinery in the economic zone of the Suez Gulf, with total investments amounting to approximately $4.8 billion and a refining capacity of around 250,000 barrels per day over a period of four years, starting from December until the end of 2018.
Dr. Ahmed Radwan, CEO of the Greek Mac Optic Group in Egypt, stated that the new refining project is the company’s first venture in the Egyptian energy sector. He explained that the company plans to establish the largest petrochemical plant with an investment of $5.2 billion as a second phase of its project in the Suez Gulf, following the completion and operation of the new refinery.
Radwan confirmed in a press release that the company is currently intensifying its efforts to complete the remaining procedures in preparation for the commencement of construction and land preparation for the project, noting that the upcoming period will witness the company launching an international tender for companies to secure a supplier for the necessary crude oil quantities to operate the new project.
