Petroleum Africa
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Monday, May 20, 2013
Citadel Capital’s subsidiary Mashreq Petroleum has signed a 25-year concession agreement with the East Port Said Port Authority to build Egypt’s first independent tank terminal. The $430 million tank terminal will be located on the north side of the Suez Canal.
Construction of the terminal is aimed at serving the global shipping market and providing backup to Egypt’s national energy security policy, Citadel said in an emailed statement.
The facility will have a capacity of up to 800,000 tons of product, including fuel oil, gasoil, naphtha and jet fuel, as well as bunker fuels.
The concession is based on a build-operate-transfer system for 25 years, extendable by one year for every five years that the project achieves at least 90% of its operational targets.
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