Kuwait turns down investment in Egyptian-Israeli refinery
Kuwait has turned down an Egyptian proposal to invest in an oil refinery because it is partly owned by Israel and "unfeasible" economically, Kuwaiti Oil Minister Adel al-Sebeih said in a report published Tuesday, May 2.
Sebeih, quoted in the London-based Saudi daily Asharq Al-Awsat, said Egyptian Oil Minister Sameh Fahmi invited the emirate to invest in several oil projects during a visit to Kuwait last week.
"We told him Kuwait was not interested in investing in the Midor refinery for two reasons. Firstly, because of the Israeli stake and secondly because it was economically unfeasible," Sebeih said.
But Sebeih said he asked for more details on other potential joint projects. The $1.2 billion Midor refinery near the Mediterranean city of Alexandria in northern Egypt began production last month, and will be handling some 100,000 barrels per day by mid-June.
Egyptian interests, notably the General Petroleum Corporation, have a majority stake in the plant but Israel's Medor company holds 18 percent, according to refinery officials and the Israeli embassy in Cairo. —(AFP)
© Agence France Presse 2001
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