Cairo – Mubasher: Misr Petroleum Co and state-owned energy firm Petronas are currently getting ready to launch a joint venture (JV) for lubricants to produce and export high-quality engine oils in the first quarter of 2019, Egyptian officials said.
Surplus from the oil mixing complex, owned by the Egyptian company in Amreya, Alexandria, will be used in production, Alborsa News reported, citing the sources.
The project is expected to have a production capacity of around 30,000 tonnes of oil per annum.
The new JV will be established with around EGP 180 million to EGP 190 million in capital to be evenly reimbursed by both companies.
The company will begin operation by importing crude oil and consequently it will produce it domestically for re-export.
Misr Petroleum and Petronas had signed a memorandum of understanding (MoU) regarding for the JV last July.
