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Mashreq in Talks to Terminate Liquid Bulk Station Contract

Source: Ahram Online 11/23/2015, Location: Africa

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Mashreq Petroleum, a subsidiary of Qalaa Holdings, is in negotiations with the General Authority of the Suez Canal Economic Zone to terminate a contract to build, operate and transfer a liquid bulk station at East Port Said, Qalaa said in a bourse statement.

Mashreq Petroleum, established in 2004, has a lease for a 210,000-square-metre plot of land at East Port Said, near the Suez Canal. It aimed to develop a fuel bunkering facility in the area.

Qalaa is one of Egypt's largest investment companies with around $9.5 billion in assets under management, including stakes in companies in Egypt, east and north Africa.

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