Malaysia’s Petronas Lubricants International (PLI) will team up with Egypt-based Misr Petroleum Co to establish a joint venture (JV) to market and distribute motor oil in Egypt to be exported overseas, PLI’s advisor NI Capital announced.
The two companies have signed the strategic partnership agreement on the sidelines of the three-day EGYPS 2019 Exhibition which took place in Cairo on 11 February, NI Capital added in a statement.
Government sources previously said that this project aims to use oil surplus owned by Misr Petroleum in Ameriya area in Alexandria.
The production capacity of the project is expected to amount to around 30,000 tonnes of automotive lubricants a year, the sources added.
The new JV will be set up with around EGP 180 million to EGP 190 million in capital to be evenly paid by both firms.