Mashreq Petroleum, a subsidiary of Qalaa Holdings, has terminated a franchise contract to build, operate, and transfer a liquid bulk station at East Port Said region.
Mashreq has signed an agreement to withdraw concession lands in favour of the General Authority of the Suez Canal Economic Zone.
The agreement involves the General Authority of the Suez Canal Economic Zone regaining lands affiliated to the company in the East Port Said Port in preparation to utilise them as part of the state’s development plan. Areas of the lands are estimated at 210,000 square metres and will be completely restored to the authority.
In exchange, the Egyptian government is committed to compensate the Mashreq for all its previous expenses that were spent on land preparations.
