Indian industrial group Reliance has agreed to invest 10 billion dollars in Egypt’s oil refining, petrochemicals, and plastic industries.

The Egyptian government announced the deal after meeting with Reliance executives in the northern port city of Alexandria.
Egyptian Prime Minister Ahmed Nazif made the announcement after the meeting and said he hopes the deal will include the construction of an oil refinery.
Magdy Rady, the Prime Minister’s spokesman, told the official MENA news agency that the investments will include 1 billion dollars to build the refinery and at least 7 billion dollars invested in petrochemicals.
A spokesperson for Reliance made no comment and gave no further details on the proposed projects.
Egyptian officials estimate that Indian investments in Egypt total approximately 320 million dollars. Reliance Petroleum Ltd., a subsidiary of Reliance group, has been importing Egyptian crude oil since 2001.
The group has been trying to expand its global activities in oil and gas in recent years. It already has hydrocarbon assets in Oman, Yemen, and East Timor, with oil assets in Yemen and gas in East Timor and Oman.
Egypt has become a strategic location for many gas and oil giants due to its proximity to Europe and the entire African continent.
(Source: Allheadlinenews