Egypt’s Mashreq Petroleum Company is on schedule to complete the $60-million first phase of its project to store petroleum products and fuelling ships within the next two months, its chairman said.

The company is planning to build four containers to store petroleum products worth $30million, Tarek Abu Bakr was quoted as saying in Daily News Egypt.

Al Bakr explained that the company will renew its talks with four firms in the Far East and Europe.

“Investors were concerned about the situation in Egypt, but now that it has stabilised, we can reach agreements with the foreign partners within a month or two,” he added.

The total cost of the storage and ship fuelling project is $300m million, to be completed within the next two years or three, the report said.

Mashreq aims to take in a foreign partner to cover 40 per cent of the expenses of the second phase, according to the report.