Egypt’s MPC, Malaysia’s Petronas launch JV to sell refined crude

State-owned Misr Petroleum Company (MPC) and Malaysia’s Petronas have launched an equally-owned JV to sell refined crude, according a press statement (pdf) from Petronas’ financial advisor NI Capital. The JV will import crude from abroad and use excess capacity at MPC’s refinery plant in Amreya to produce refined products under a shared brand name, government sources previously said. The products will be either re-exported or sold on the local market. The companies signed the JV agreement during last week’s Egypt Petroleum Show. Shalakany Law Office acted as local legal counsel to Petronas on the agreement.