POWERCHINA strikes fuel-oil refinery deal in Egypt

POWERCHINA and Soukhna Refinery and Petrochemicals Company (SRPC) signed an agreement on Oct 7 to build a fuel-oil refinery, costing about 13.25 billion yuan ($2 billion).

With the world-renowned oil giant Royal Dutch Shell as the supplier of crude oil (processed according to Euro 5 emission standards) and distributor of refined oil, the project, located in Sukhna, Egypt, will complete its first phase by producing 155,000 barrel a day.

Upon completion, the project is expected to improve the industrial structure of Egypt and advance its refining ability.

From technologies to finance, POWERCHINA showed its strength again during bidding and contract negations, winning praise from SRPC and local financial institutions. Moreover, it helped popularize the company’s brand in the oil and gas industry.

POWERCHINA has undertaken several projects in Egypt, including gas turbines and transmission-lines.

As the company's largest overseas Engineering Procurement Construction (EPC) oil refining project, the cooperation marks a breakthrough for POWERCHINA’s business extensions in Egypt and paves the way for further expansion in oversea markets.