A Memorandum of Understanding between Egypt Petroleum and Petronas of Malaysia for Oil Production

The engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, signed a memorandum of understanding between Egypt Petroleum and Petronas of Malaysia to cooperate in the production and marketing of special oils by exploiting the excess production capacity of the petroleum complex Misr Petroleum Company Produce 30,000 tons per year of high quality oils and market them inside and outside of Egypt by exporting to African markets.

The accountant signed the accountant Hussain Fathi, president of Misr Petroleum Company and Giuseppe de Arigo, CEO of Petronas petrochemical group [1969002] Mr. Mulla stressed the importance of the protocol agreement to operate investment opportunities in the manufacture and marketing of petroleum products, emphasizing that the cooperation between the two companies aims to invest in infrastructure and excess production. (19659002). He stressed that the project aims to improve the specifications of specialized petroleum products, by supporting modern technologies in this area, thus helping to provide high quality products tailored to the needs of the local market and current consumers, by more to be highly competitive products contributing to access to external markets, especially the COMESA African markets; The importance of the entry of new international companies in the field of marketing of petroleum products to invest in modern technologies and the establishment of economic partnerships based on mutual benefits.

The President of Misr Petroleum declares that the Memorandum of Understanding is a milestone in the training It is based on the exploitation of the excess production capacity of the Amreya complex and the advanced technologies of Petronas Company to produce quantities of special lubricants not locally produced and imported from abroad 20,000 tons per year, first clbad and 10,000 tons per year of diesel engine oils. Stressing the importance of the project in increasing the competitiveness of the company in the domestic market and foreign markets and the transfer of new technologies developed for projects.