29 September 2020 03:49 PM

Nasr, EBRD official sign dlrs 200 mn deal for upping energy efficiency

Tuesday، 22 May 2018 - 12:32 PM

Investment Minister Sahar Nasr signed on Tuesday 22/5/2018 a dlrs 200 million deal with Eric Rasmussen, the Director for Natural Resources of the European Bank for Reconstruction and Development, for upping energy efficiency in the Suez Oil Processing Company.

The company's chairman Mohamed Eleiwa signed an agreement with EBRD on implementing the project in the presence of Petroleum Minister Tareq el Mulla.

Nasr said the project aims at improving energy efficiency in order to reduce greenhouse gas emissions, developing production lines, increasing production and producing high quality fuel meeting international standards.

Nasr said the project is meant to support Egypt's transition to be a regional hub for exchanging energy.

Also, the project will contribute to generating jobs, she pointed out.

Meanwhile, Mulla said the project will contribute to catering for growing energy demand and reducing imports in addition to producing high quality petroleum projects.

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