Total Egypt initiate feasibility studies for new investment

(MENAFN- Daily News Egypt) Total Egypt plans on investing in a new factory in Alexandria in 2015, Managing Director of Total Egypt Thomas Repeyrol told Daily News Egypt.

Repeyrol added that feasibility studies for the project have already taken place, with construction of the facility expected to start within two years.

He forecasts the volume of investments to be close to the ones the company made in an oil factory in Burg Al-Arab, near to Alexandria.

The company announced two years ago that they were increasing their investments in the country, and convinced shareholders to maintain investment, Repeyrol stated.

During the last two years, Total has also invested in an oil factory costing $25m. The company imports 90% of the raw materials used in oil production, in accordance with international quality standards.

The mobility growth rate in Egypt is over 5% per year, compared to -3% in Europe, leading the company to shift its investments from Europe to the Middle East, especially Egypt.

The company is keen to invest in Egypt and is more than certain of the automotive industry, Repeyrol noted.

Logistics and distribution of the oil products, such as manufacturing and transportation of oils, is our major field of work in Egypt. The company also has approximately 235 petrol service stations, including stations the company purchased from Shell and Caltex.

Around 80% of the company's turnover comes from its fuel activities' sales, such as diesel and gasoline, while 20% comes from lubricants sales.

Total is one of the top five companies in the world of terms of oil production, with operations in 150 countries in the world.