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Toyota Tsusho looks to raise its investments in Egypt Corporation discussing participation in hydrocarbon cracking for diesel fuel with investments worth $1.9bn, says El-Molla
Minister of Petroleum and Mineral Resources Tarek El-Molla revealed in a press statement on Tuesday that he discussed with a delegation from Japan's Toyota Tsusho Corporation the possibility of the company's participation in a hydrocarbon cracking for diesel fuel project at an Assuit Oil Refining Company plant, which is to be implemented with investments worth $1.9bn. The meeting also reviewed the situation of the integrated project for refining and petrochemicals, which is currently in the phase of study for implementation. Also, it reviewed the economic indicators and feedstock to reach the final feasibility study for the project. El-Molla discussed with the delegation the investment opportunities available to increase the company's investments in Egypt in the fields of refining and petrochemicals. On the other hand, they discussed the executive status of an agreement which was signed in mid-April between the Egyptian Natural Gas Holding Co (EGAS), Ganoub El Wadi Petroleum Holding Company, and the Japanese company Toyota Tsusho to buy and own a new offshore drilling device with investments of $600m. The drilling project will be implemented in three stages, starting with the initial study stage followed by the development stage, in which preliminary and detailed studies of the economic feasibility of the project will be prepared, according to the agreement. The implementation will then begin as the third stage. In another context, the Egyptian Electricity Transmission Company last month signed an agreement with a consortium of companies that include Toyota Tsusho, ENGIE, and Orascom to establish a wind farm in Jebel al-Zayt area in the Gulf of Suez with a capacity of 250 MW and investments of about $400m. The Egyptian Company for Electricity Transmission notified the New and Renewable Energy Authority that it has begun the procedures of withdrawing land allocated to investors for the implementation of wind power projects in the Gulf of Suez next week.
