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MIDOR signs USD 1.7 bn agreement with Italy’s Technip to maximize production
10. June 2018
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State-owned MIDOR refinery signed a USD 1.7 bn agreement with Italy’s Technip as part of a USD 2.2 bn project to expand its refining capacity to 175k barrels of crude per day, from 115k barrels, the Oil Ministry announced on Thursday. ENPPI and Petrojet will also take part in the expansion, which is expected to increase the capacity of the refinery by 60%, according to the ministry. Technip had announced back in 2015 that it reached a USD 1.4 bn agreement to help MIDOR expand its refining capacity to 160k bpd from 100k the previous bpd. The Oil Ministry secured a USD 1.2 bn loan from France’s Crédit Agricole, BNP Paribas, and Italy’s CDP in 2016 to finance the project