An Egyptian delegation consisting of representatives from Al-Ahli Bank and the country’s petroleum sector, is seeking potential investors to purchase shares in the Middle East Petroleum Refinery Company (MIDOR), reports in Al-Hayat stated.
The delegation will soon begin a tour of several Arab countries including Bahrain, Saudi Arabia, Qatar, Kuwait and Oman, to encourage investors to purchase shares of MIDOR. The company recently came under full Egyptian ownership following the sale by the Israeli side of its 22 percent stake due to political pressure.
Al-Ahli Bank, which recently purchased the Israeli shares at a cost of EP 680 million ($178 million), controls 38 percent of the total shares in this project.
The project, which represented the largest Arab-Israeli joint venture to date, was established in 1997 in Alexandria with investments in the amount of $1.3 billion. The plant had a 100,000 barrel per day capacity, and was previously run by Israel's Merhav Company and by the local Hussein K. Salem Group. Following the recent political turmoil in the region, Israel decided to sell all of its shares in the venture. –(MENA Report)
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