Technip Italy S.p.A. announced the finalization of a joint agreement with Egyptian General Petroleum Corporation (EGPC) and Assiut Oil Refining Company (ASORC) for the modernization project of the Assiut refinery, Upper Egypt, designed to refine the “bottom of the barrel” in the frame of the long-standing cooperation between Italian and Egyptian Governments and companies, especially in the Oil and Gas sector.

The investment has an estimated total value of 1.5 billion US dollars, aims at maximizing diesel production, will introduce the most modern refinery technologies in Upper Egypt and satisfies the growing local demand from petroleum products.

According to the agreement announced today, Technip will now start activities for the project, as well as providing support to ensure project financing. SACE is ready to evaluate a possible intervention to support the project.

In due course, Technip will take responsibility for the EPC phase of the project.  This agreement was signed during the visit of the Egyptian Government in Italy, in the presence of the Egyptian Prime Minister Ibrahim Mahlab, the Italian Prime Minister Matteo Renzi, the Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail, the Italian Deputy Minister of Economic Development Carlo Calenda and the Representatives of the involved Companies: Mohamed Taher Hafez, Deputy CEO for Planning and Projects of EGPC, Mohamed Allam Ahmed, Chairman of ASORC and Marco Villa, CEO of Technip Italy S.p.A.