Total Egypt and Emak For Contracting Company have agreed to extend the strategic partnership from 2021 to 2038 in order to execute a number of new investment projects in Marsa Alam, Egypt, Al Mal News reported.
The original partnership had started in January 2011 and was originally planned to end by 2021, but the two partners agreed to extend it to January 2038, a source at Total Egypt stated.
The strategic partnership value is estimated at EGP 300 million in the first phase of the projects agreed, with expectations to increase investments upon launching the second phase.
The first phase of the projects planned in 2018 include developing the integrated services center at Emak Port Ghalebm, which is planned to start in March 2018; in addition to exclusively providing all petroleum products and derivatives needed by Emac to support energy supply to resorts surrounding Port Ghaleb and Marsa Alam, the source pointed out.
Meanwhile, the second phase includes developing and renovating jet fuel supply system in Marsa Alam Airport through establishing hydrant pipes extending from the airport’s warehouse to airplane filling stations, which will be established as part of the expansions in terminals and lounges within the upcoming five years.