VOL. XXXVIIINO. 531-OCTOBER-1994

Egypt

GPC Acquires 20% Stake In Midor

Under an agreement signed in Cairo earlier this month, the Egyptian GeneralPetroleum Corporation (EGPC) has acquired a 20% stake in Middle East OilRefineries (Midor), a partnership between Israel's Merhav group and an Egyptianconsortium including industrialist Husain Salam and local banks, which plans tobuild a $1bn export refinery near Alexandria on the Mediterranean. According toMerhav sources, quoted by Reuter on 24...