Egypt’s Ennpi and Petrojet signed a memorandum of understanding worth 6 billion Egyptian pounds ($381.56 million) with Assiut Oil Refining Company to develop a new atmospheric distillation unit, the petroleum ministry said on Tuesday.
The ministry said the new project is part of the continuous expansion of the Assuit refinery that is considered the basic pillar for securing the petrochemicals products to Upper Egypt.
Egyptian Minister of Petroleum and Mineral Resources Tarek al-Molla said the new project will achieve integration among many other developmental plans in southern Egypt.
Separately, Forbes announced the selection of the Suez Canal Authority among the list of the 10 largest logistics institutions in the Middle East for the year 2021.
The Suez Canal Authority came in second place in the classification, according to a Forbes statement.
The methodology of selecting the companies was based on several criteria, the most important of which is evaluating the company’s size in terms of assets, revenues and market value. Other factors include the percentage of trade movement enabled by the company and its economic importance, and the quantity of transported or stored goods.
Admiral Osama Rabie, the Suez Canal Authority’s chairman, said the selection of the Suez Canal Authority is a culmination of the authority’s efforts and success in overcoming many challenges and crises it faced throughout the year, most notably the coronavirus pandemic and the blockage of the canal by the giant Ever Given container ship.