Egypt: Two grant deals worth $1.4m inked to upgrade petroleum refineries

CAIRO - 18 December 2020: Minister of Petroleum and Mineral Resources Tareq el Mulla and US Ambassador to Egypt Jonathan R. Cohen have witnessed the signing of two agreements on a grant worth $1.4 million from the US Trade and Development Agency (USTDA) to the Amreya Petroleum Refining Company (APRC) and the Suez Oil Processing Company (SOPC).

Under the agreement, the USTDA shall provide the two Egyptian companies with financial and technical support to help them conduct feasibility studies for upgrading their refineries.

Mulla said in a statement Friday that the signing of the two deals is a strong evidence of extended strategic partnership between Egypt and the US as regards supporting vital areas of the petroleum industry, and contributing to the development of sustainable infrastructure.

It is also a new step within the framework of the strategy adopted by the Ministry of Petroleum and Mineral Resources to develop, modernize and raise the efficiency of Egyptian refineries, he added.

Meanwhile, the US ambassador said the signing reflects the importance attached by Cairo and Washington to expanding bilateral trade and investment relations.

Cohen noted that the grant aims to support Egypt's endeavors to achieve its goal of becoming a regional energy hub, which he said is also a priority for the US.