Nicosia, Nov. 21: A number of companies from Asian countries are reportedly holding discussions with the competent Egyptian ministries for the construction of refineries and petrochemical plants.

Egypt has been actively promoting its image as a strategic location for foreign companies interested in energy exports to Europe.

According to press reports, Indian companies Reliance and Essar have in the recent months been talking in Cairo with officials of the Ministry of Petroleum about constructing refineries and petrochemical plants.

More specifically Reliance is studying the construction of a petrochemical and refinery complex estimated to cost more than $10 billion, while Essar is looking to build a 300, 000 barrels a day plant on the Mediterranean coast of Egypt, expected to cost about 3.5 billion dollars.

Other Asian companies, like Japanese Mitsui and South Korea's GS Engineering, have already been awarded the contract for the construction of a new hydrocracker and vacuum distillation unit at the Mostorod refinery near Cairo.

The hydrocracker will have an initial output of 1.5 million tons of diesel a year, which at a later stage is expected to reach the level of 2.5 million tons a year. The plant, which will convert heavy fuel into light products are expected to cost over 2.25 billion dollars. (ANI)