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Published on:
Friday, July 20, 2018 – 3:49 pm
| Last update:
Friday, July 20, 2018 – 3:49 pm
The Ministry of Petroleum and Mineral Resources has signed a memorandum of understanding between Egypt Petroleum and Petronas of Malaysia to cooperate in the production and marketing of specialty oils through the operation of the excess production capacity of the oil complex owned by the Egyptian company (19659004) Tariq Al Mulla, Minister of Petroleum and Mineral Resources, said at the signing of the memorandum of understanding that the cooperation between the two companies aims to produce high quality oils and market them in Egypt. The investment of infrastructure and excess production capacity in the supply of specialized petroleum products with the highest quality standards and a great economic return by contributing to local market requirements rather than imports to streamline the quantities of foreign exchange and exports to foreign markets.
Aims to improve specifications of specialty petroleum products by building on modern technologies in this area, which contributes to the provision of high quality products tailored to the needs of the local market and consumers at this time, as well as that products of Tin's ability "He stressed the importance of the entry of new international companies in the field of marketing of petroleum products to invest in the modern technologies that they own.
For its part, Hussein Fathi, president of Misr Petroleum Company, The Agreement is a step towards exploiting the excess production capacity of the Amreya complex and Petronas Company's advanced technologies in producing quantities of special lubricants that are not produced locally and imported from abroad, 20,000 tons per year and 10,000 tons per year. stating the importance of the project by increasing the competitiveness of the company in the domestic market and foreign markets and the transfer of new technologies developed for its own projects.
For his part, Gusibi Dai Arigo, CEO of Petronas Lubricants Group (BLI) That the company is interested in cooperation with the oil and business sector in Egypt, cornerstone to strengthen its status of Investment in North Africa and the Middle East, especially with the availability of successful elements, including a large local market including all facilities and technical capabilities, The joint venture must merge Petronas' proprietary technologies, capabilities and expertise into the field of supply and marketing with the vast and unique expertise of Misr Petroleum in the Egyptian market to market new high quality local products and replace them with imported products.
