On the sidelines of EGYPS 2022, the Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the signing of financing contracts to fund the Assiut Hydrocracking Complex in Assiut.

These contracts worth $1.5 billion and were signed with six international financing organizations including CDB, Crédit Agricole, UniCredit Bank, HSBC Middle East, BNP Paribas, and Société Générale.

During the signature ceremony, El Molla highlighted that this complex is one of the most important projects in the ministry’s strategic plan which aims to achieve self-sufficiency of diesel based on international environmental standards.

It should be noted that an engineering, procurement, and construction (EPC) contract was signed also during EGYPS 2022 for the project and constructions operations that are planned to be completed during Q4 2023.