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Ain Soukhna Petroleum Complex Project
The Ain Soukhna Petroleum Complex Project aims to establish a modern oil refinery with a capacity of 208,000 BPSD, at a total investment cost of $4.6 billion ($3.8 billion in capital expenditure). It will produce high-quality Euro-V products, with potential for petrochemical production, using advanced technology from Shell Global Solution, Axens, and Lummus Technology. The project is located in the Suez Canal Economic Zone (SCZone), a major trade hub between Europe and Asia.
In February 2023, CC7 Europe B.V., a subsidiary of China National Chemical Engineering & Construction Corporation Seven, signed an MOU with SRPC and EPICORP to form a consortium for the project. CC7 is considered as a potential primary EPC contractor and will facilitate financing from China. During 2023, Lummus Technology optimized the refinery configuration through linear programming modelling.
In September 2023, EPICORP signed an agreement with Elite Capital & Partners Ltd. to secure financing and attract investors. An alliance was formed between SRPC, EPICORP, Elite Capital, and CC7 Europe to promote investment, develop the feasibility study, and finalize project plans. By the end of 2023, CC7 Europe completed an in-house feasibility study, showing significant enhancement in the project’s IRR.
Black Sands Mining and Processing Project
The Black Sands Mining Project in Egypt is an ambitious initiative aimed at extracting and processing valuable minerals from the country’s lake beds. Through extensive dredging operations, millions of tons of lucrative black sand have been recovered, containing high concentrations of valuable minerals such as ilmenite, magnetite, garnet, zircon, rutile, leucoxene, and monazite. The estimated reserves of these minerals are impressive, with ilmenite at 2,368,000 metric tons, magnetite at 1,184,000 metric tons, garnet at 207,200 metric tons, zircon at 296,000 metric tons, rutile at 59,200 metric tons, leucoxene at 118,400 metric tons, and monazite at 2,960 metric tons.
These minerals hold significant industrial value. Ilmenite and rutile are crucial for producing titanium dioxide, widely used in paint, paper, and plastics. Magnetite is essential in steel manufacturing, garnet is used as an abrasive material, zircon finds applications in ceramics and refractory materials, and leucoxene and monazite are important for their titanium and rare earth elements, respectively.
EPICORP is collaborating with Sumitomo Corporation, which has expressed strong interest in this project. Together, we aim to process and sell these minerals, tapping into their full economic potential.
Additionally, we are exploring a promising lithium project. This involves extracting lithium through lake dredging, followed by local processing and manufacturing for international markets. This initiative aligns with the growing global demand for lithium, driven by its critical role in battery production and renewable energy technologies.
Our efforts in these projects demonstrate EPICORP’s commitment to leveraging natural resources sustainably and driving economic growth through innovative and strategic collaborations.
EPICORP is excited about the potential partnership with Innospec, a global specialty chemical company headquartered in Singapore. Innospec specializes in producing chemical additives and fuel additives for various industries, including agrochemicals, construction, fuel, home care, metal extraction, oilfield services, personal care, polymers, and waxes. Their product line includes detergents, cold flow improvers, lubricity improvers, corrosion inhibitors, and cetane improvers, among others.
Innospec operates through three main business units: Performance Chemicals, Fuel Specialties, and Oilfield Services. Their Performance Chemicals division provides solutions for personal care, home care, agrochemicals, mining, and construction markets. The Fuel Specialties unit is known for developing and supplying innovative fuel additives that enhance fuel efficiency, boost engine performance, and reduce emissions. Meanwhile, the Oilfield Services division offers products and services for drilling, fracturing, stimulation, and production operations.
In 2023, Innospec reported a market cap of $3.07 billion and generated revenues of approximately $1.94 billion. This partnership aims to initially focus on representing their products in Egypt, leveraging EPICORP’s local market knowledge and networks. We plan to expand this collaboration to include local production and distribution of their chemical additives and fuel additives, catering to the growing demands of the region. This partnership will enable both EPICORP and Innospec to strengthen their market positions and deliver high-quality, innovative solutions to the energy sector.
By working together, EPICORP and Innospec can tap into new markets, enhance product offerings, and contribute to the sustainable development of the energy industry in Egypt and beyond.
