News: Essar to invest $3.4 b in Egypt refinery

(BL 14/05/2007) Cairo - Essar Global will invest $3.4 billion in a proposed 300,000 barrels-per-day oil refinery in northern Egypt, an Egyptian government official said on Monday.

"The planned refinery will cost $3.4 billion and we are expecting it to come on stream in 2010," Ashraf Diwidar, adviser to the Industrial Development Authority said.

"The Egyptian government could approve the proposal in a few weeks," he added.