Egyptian investor plans heavy investment in French Petroplus

07 Feb 2013

(MENAFN) Egypt’s energy company Arabiyya Lel Istithmaraat unveiled plans to inject cash into Petroplus refinery, France’s oldest refinery, Xinhua News reported.

This is a move that could save the refinery from liquidation as it struggles with overcapacity due to weaker oil demand in Europe.

Michel Billard de la Motte, the company’s representative in France, said that the firm is willing to pour over USD135.5 million in the refinery.

He also told local broadcaster Europe1 that the company seeks to own up to 20 percent in Petroplus.

Arabiyya Lel Istithmaraat, which runs 70 percent of Egypt’s electricity network, also proposed to keep the total staff of Petroplus except 60 employees who are retiring next month.

Earlier, French Industry Minister Arnaud Montebourg described offers by Switzerland’s investor group Terrae and Egypt’s energy company Arabiyya Lel Istithmaraat as “Serious”.

The commercial court in Rouen, northern France, would decide on the suitability of the potential bidders by Thursday.

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