CAIRO: Kuwait Oil Company (KOC) will resume the project to create a natural-gas processing and extraction plant in the Eastern Desert region, Minister of Petroleum Sherif Ismail said Tuesday, adding that the plant would process 15 million cubic feet per day.
Ismail said the Egyptian General Petroleum Corporation, the Petroleum Authority, and the KOC had conducted successful negotiations, adding that KOC had halted the project after the January 25 Revolution which led to a legal dispute between the parties that ended in an amicable settlement.
An Egyptian administrative court had issued a verdict after the revolution ending deals and contacts signed by former President Hosni Mubarak; but the issue is now resolved, Ismail added.
Ismail said the plant would be complete within 24 months and would produce large amounts of butane gas and sulfur.
He said Kuwaiti investment in the project totaled $60 million, as part of a number of investment deals between Egypt and Kuwait.
Originally published in Youm7.