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Egyptian Suez Canal Insurance (SCI) won an insurance policy bid of 195 million Egyptian pounds ($11.4 million) against the engineering risks of executing 6th of October-El Wahat Two-Way project, according to sources.
The state-run oil firm Petroject is responsible for implementing the project within an 18-month timeframe, at a length of 25 km, the official sources told Amwal Al Ghad on Tuesday. The project’s cost is worth around 1.6 billion pounds.
However, the insurance policy will include all contractors’ risks during the period of carrying out the project as well as mechanical, machines, and equipment failure, in addition to the coverage of the civil responsibility toward others and natural hazards.
