Egypt and China to Build $2bn Refinery


China has signed a memorandum of understanding (MoU) with Egypt to build a $2bn refinery in the Arab nation to make sure enough oil is available for its expanding economy.

Two Chinese companies, Rongsheng Holding Group and China National Chemical Engineering, have joined together to build the refinery in the Arab nation with an initial capacity of 15 million tons per year.

The refinery will produce refined products for the domestic market, as well as export to China. It will be expanded by another 15 million tons in the second phase of the project.

The two Chinese companies will maintain ownership of the plant for 25 years, according to news.egypt.com.