The Minister of Petroleum and Mineral Resources, Tarek El Molla, and the Italian Ambassador to Egypt, Giampaolo Cantini, witnessed the signing of Engineering, Procurement and Construction (EPC) contract for establishing a Mazut Hydro-cracking Complex in Upper Egypt, according to a press release.

The contract was signed by the Head of Assiut National Oil Processing Company (ANOPC), Mohamed Badr; the CEO of Technip Italy, Marco Villa.

According to the press release, the $2.5 billion project will contribute to increasing the utilization of the country’s resources through using the latest technology for oil refining.

This will be reached by using mazut hydro-cracking technology, which helps transform lower-value petroleum products into higher-value ones, especially diesel with a production capacity of around 2.8 million tons, in addition to butane and naphtha which will be used in producing high octane.

This project will help meet the demand of Upper Egypt for petroleum products, reduce the imports of these products, and accordingly save foreign currencies. Moreover, the project will help provide new opportunities for development and creating new job vacancies in that region, the statement added.