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AME Info, Abu Dhabi, United Arab Emirates, Energy, Oil and Gas Briefs

July 31, 2008

By AME Info, Abu Dhabi, United Arab Emirates

Jul. 31–EGYPT TO BUILD $9 BILLION OIL REFINERY: A $9 billion oil refinery and petrochemical complex is to be built in Egypt by Egyptian General Petroleum. The project, located on the country’s north coast, will take five years to complete. The refinery will have a capacity of 350,000 barrels per day, and is due to begin operating by 2010.

SHARP RISE FOR OIL: The price of oil rose $4.58 yesterday, its biggest rise since early July, closing at $126.77 a barrel. Overall, the price of oil has dropped 9.4 percent this month, its biggest fall since September 2006. A report by Goldman Sachs predicting that oil prices will hit $149 a barrel was helped fuel yesterday’s rally.

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GS,