Essar Group has expressed interest in constructing an oil refinery in Egypt. The company is looking to invest US$ 3.4 billion in the new 300 000 bpd facility and is currently seeking to carryout a feasibility study.
The Ugandan government is currently looking for a location for a 200 000 bpd oil refinery. The government is not discussing the locations currently under review as it is seeking to avoid speculators pushing up prices.
The Indian government is giving a US$ 2.24 billion subsidy to state run fuel retailers. The government is offering this subsidy as many companies including Indian Oil, Hindustan Petroleum and Bharat Petroleum were forced to sell oil below import cost for the first half of this year. The subsidies will cover approximately 50% of the total lost revenue.
The Slovak division of Mol Nyrt, Slovnaft AS, is looking to invest several hundred million euros in a new petrochemical complex. The company is looking to move towards producing higher value petrochemicals that are not so vulnerable to economic fluctuations.
Venezuela and Iran have signed an accord to construct a refinery in Syria. Nine other agreements were signed including the construction of 50 000 homes in Venezuela. The agreements were signed in Tehran.
Saudi Aramco and Total have signed a loan agreement. The US$ 1.3 million contract made with the Saudi Public Investment Fund is for the financing of a joint refinery project. The 400 00 bpd facility is currently being constructed in Jubail. The construction project is going to need a total of US$ 12.8 billion in investments.
Attock Refinery Limited is going to invest US$ 100 million in two new oil refineries. The company is looking to increase its output of petrol by 70% and other petroleum products by 25%.
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