Egyptian private equity firm Citadel Capital (CCAP.CI) said Tuesday its subsidiary Mashreq Petroleum has signed a 25-year concession agreement with the East Port Said Port Authority to build Egypt's first independent tank terminal.
Egyptian private equity firm Citadel Capital (CCAP.CI) said Tuesday its
subsidiary Mashreq Petroleum has signed a 25-year concession agreement with the
East Port Said Port Authority to build Egypt's first independent tank terminal.
The 3 billion Egyptian pound ($430.5 million) facility will be built on the
north side of
Suez Canal
,
Egypt
's
main waterway, to serve the global shipping market and provide backup to
Egypt
's
national energy security policy, Citadel said in an emailed statement.
The facility will have a capacity of up to 800,000 tons of product, including
fuel oil, gasoil, naphtha and jet fuel, as well as bunker fuels.
Mashreq--which does dredging, shore protection and site leveling, as well as
tank farm engineering and design and marine engineering and is 24.5%-owned by
Citadel--will also have an annual storage capacity of 10 million tons and
bunkering capacity of 2-3 million tons per year.
The concession is based on a build-operate-transfer system for 25 years,
extendable by one year for every five years that the project achieves at least
90% of its operational targets.
The
Suez Canal
, one of
Egypt
's
main sources of revenue and foreign currency, links the
Mediterranean
and
the
Gulf of Suez
and is known to be the fastest route between
Europe
,
Asia
and
North
Africa
. Because of its prime location, the 193-kilometer waterway brings in
more than $5 billion every year for
Egypt
.
Διαβάστε ακόμα
Τρι, 24 Σεπτεμβρίου 2024 - 19:58
Τρι, 24 Σεπτεμβρίου 2024 - 19:54
Τετ, 18 Σεπτεμβρίου 2024 - 18:32
Τετ, 18 Σεπτεμβρίου 2024 - 18:27
Τρι, 17 Σεπτεμβρίου 2024 - 20:01