Monday, July 12, 2010

Egyotian state firm ENPPI wins $400 mln Saudi oil tanks contract

An Egyptian company has won a $400 million project to install petroleum storage tanks at Yanbu in Saudi Arabia, the state news agency quoted Egypt's oil minister as saying on Tuesday.

The company, Engineering for the Petroleum and Process Industries (ENPPI), will build 47 tanks of various sizes with a combined storage space of 12 million barrels, Sameh Fahmy said.

The tanks, which will store crude oil and oil products, are for Saudi Aramco's new Yanbu oil refinery.

ENPPI is 97-percent owned the state Egyptian General Petroleum Company (EGPC).