Energy industry engineering and construction project man agement firm Technip Italy announced in July the finalisation of a joint agreement with Egyptian General Petroleum Corporation (EGPC) and Assiut Oil Refining Company (Asorc) for the modernisation project of the Assiut refinery, located in Upper Egypt, designed to refine the “bottom of the barrel”, in the frame of the long-standing cooperation between Italian and Egyptian governments and companies, especially in the oil and gas sector.

The investment has an esti- mated total value of $1.5-billion, aimed at maximising diesel production, as well as introduc-ing the most modern refinery technologies to Upper Egypt to satisfy the growing local demand for petroleum products.

Based on the agreement announced in July, Technip will now start activities for the project, as well as provide support to ensure project financing. The Southern Alliance for Clean Energy is ready to evaluate a possible intervention to support the project.

Technip will soon take respon-sibility for the engineering, procurement and construction phase of the project.

This agreement was signed dur-ing the visit of the Egyptian government to Italy, in the presence of the Egyptian Prime Minister Ibrahim Mahlab, Italian Prime Minister Matteo Renzi, Egyptian Petroleum and Mineral Resources Minister Sherif Ismail, Italian Deputy Minister of Economic Develop-ment Carlo Calenda and repre- sentatives of the involved com-panies, namely EGPC planning and projects deputy CEO Mohamed Taher Hafez, Asorp chairperson Mohamed Allam Ahmed and Technip Italy CEO Marco Villa.

Technip Italy is one of the main operating centres of Technip Group and operates from the deepest subsea oil and gas developments to the largest and most complex offshore and onshore infrastructures. Its 38 000 people constantly offer solutions and innovative technologies to meet the world’s energy challenges.

Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialised vessels for pipeline installation and subsea construction.