Sinohydro Corp, a subsidy of State-owned Power Construction Corp of China (PowerChina), has signed a contract with Egypt-based Soukhna Refinery and Petrochemicals Co (SRPC) for a refinery project in a deal worth $1.99 billion, read a statement the company sent to the Global Times on Tuesday.
The project in Sokhna, Egypt will have a planned processing capacity of 155,000 barrels per day at the initial stage, the statement noted. PowerChina is responsible for the design, procurement and construction of relevant facilities.
Under the agreement, the project is expected to be completed within 44 months. The plant will improve Egypt's industrial structure, expand its refining capacity and bring more foreign-exchange revenue into the country, according to the statement.
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