Misr Petroleum and Petronas have signed a memorandum of understanding (MoU) to produce 20,000 tons of first class oils and 10,000 tons of diesel annually, Egypt Oil & Gas reports.
The production will take place at Misr Petroleum’s refining complex at Amreya, while the Malaysian company will provide technological assistance. The two companies will create a joint venture to operate the project and to market its products domestically and in Africa.
The MoU was signed by Misr Petroleum head and Petronas CEO Giuseppe D’Arrigo in the attendance of Egypt’s oil minister Tarek El Molla.
El Molla stated that the new technology offered by Petronas will allow the project to fulfill domestic needs and compete in the African market.
D’Arrigo said that the new project will be a gateway for Petronas to the MENA oil market.