Egypt’s Suez Canal Bank to pull out of Middle East Oil Refinery

The publicly listed company, Suez Canal Bank, says it will withdraw entirely from Middle East Oil Refinery (Midor), Zawya reports.

The operation will generate $30.4 million for Suez Canal Bank as 1.27 percent stake (560,000 shares) will be sold to Egyptian General Petroleum Corporation (EGPC) at $54.7 per share.

The financial service institution posted a Q1 2020 net profit of 114.4 million Egyptian pounds ($7.3 million) compared to 128.6 million Egyptian pounds in Q1 2019, Zawya notes.

The bank established in 1978 employs around 1,182 people across Egypt.

The Egyptian government-controlled Midor has a business portfolio that includes refining of crude oil; and manufacture and distribution of petroleum products including gasoline, jet and diesel fuel, coke, low sulfur and liquefied petroleum gas.