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IOC to Build a $9 Billion Refinery in Egypt

12-13-2007

 India's top state-run refiner, Indian Oil Corp, will join with Egyptian General Petroleum Corp to build a US$9 billion refinery and petrochemical complex in Egypt.

Final details of the project including cost or location have yet to be finalised, but Egyptian officials have privately suggested the site may be built near Gamasa or Port Said.

Another Indian company, State-run Engineers India Ltd, is also involved with feasibility studies for the project.

EIL said the size of 180,000 to 300,000 barrels a day would be a likely target.