Egyptian Refining Company (ERC) has come to an agreement with Citadel Capital, an international finance corporation (IFC). The Middle East and African IFC are going to invest US$ 120 million in ERC to help construct the second stage oil refinery in Mostorod, Cairo. The facility will cost US$ 3.7 billion in total and is expected to produce 4 million tpy of refined products.
Iraq is currently looking to construct four new refineries and is seeking US$ 20 billion worth of investments. The country wants to become a net exporter of petroleum products and increase its refining capacity to nearly 1.3 million bpd. The proposed locations for the new facilities are Karbala, Kirkuk, Nasiriyah and Maysan. As an incentive the country will apparently be offering investors a 5% discount on the price of crude from the refineries, based on international oil prices.
State Trading Corporation (STC), Mauritius is looking to form a partnership with Oil and Natural Gas Corp. Ltd (ONGC), India to set up a refinery in the country. Mauritius does not currently have its own refining capacity. As part of the invitation a US$ 2 billion three year petroleum sourcing agreement will be offered to ONGC.
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