Egypt’s state oil firm EGPC this week completed the purchase of Suez Canal Bank’s 1.27% stake in the 100,000 b/d capacity Midor Refinery for $30.6mn. The deal, which values Midor at $2.4bn, increases EGPC’s stake to 80%. State-owned engineering firms Enppi and Petrojet have 10% each.
Midor is in the midst of a $1.7bn, 60,000 b/d capacity expansion, which is aimed to be completed by Q3 2022 (MEES, 3 April). (CONTINUED - 68 WORDS)