Total Corporation will open four new petrol stations in Egypt to fulfill local needs, the state-run daily newspaper Al-Ahram reported on Thursday; to be completed by next year, the project should inject some LE65 million ($10.6 million) into the economy per year.
Total will then own 78 petrol stations in all. The company believes Egypt remains an attractive country to invest in, according to Momar Nguer, the senior vice president, Africa/Middle East at Total Supply & Marketing.
Total, one of France’s largest corporations and the world's fifth largest publicly-traded integrated international oil and gas company, added that it will take part in establishing a new factory for oil production worth LE120 million ($19.6 million).
Total reported that the Egyptian oil market ranks top among African and Middle Eastern countries in terms of volume, with a huge turnover resulting from the sale of 35 million tonnes of oil products in 2010 and an annual market growth rate of four-seven percent.
