VOL. XL

No. 5

3-February-1997

EGYPT

Repsol Loses Midor's Operation Contract But Retains Equity StakeOption

MEES is reliably informed that the contract awarded last Octoberto Repsol of Spain to manage and operate the projected $1.25bn, 5mn ton/yearEgyptian-Israeli Middle East Oil Refinery (Midor) near Alexandria has been cancelled.However the Egyptian Government has reiterated its offer to Repsol to take an equity stakein the refinery - an option which was embodied in last year's agreement (...