Riad & Riad advises GS Engineering & Construction Corporation on the finance restructure of Egypt’s largest oil refinery project in Mostorod
Riad & Riad advised GS Engineering & Construction Corporation ("GS") as local counsel with the international law firm DLA Piper on the settlement with ERC on a finance restructuring of the project in a value of USD 500 million.
GS is a leading South Korean company specialized in the construction of large scale industrial and oil and gas work.
GS and Mitsui & Co. of Japan as a consortium are awarded the engineering, procurement and construction (EPC) contract on a lump-sum turnkey basis for the construction of Egypt’s largest oil refinery project developed by the Egyptian Refining Company – Takrir (ERC).
The project is a greenfield refinery with investment cost of more than USD 4 billion and is expected to produce 2.25 million tons of diesel, 80,000 tons of butane gas and 600,000 tons of jet fuel.