Cairo: State-owned Misr Insurance Company has won a bid offered by a consortium of four oil companies for underwriting a new $332 million project.

Ahmad Morsi, oil and engineering insurance officer at Misr Insurance, said Thursday that the project will be a joint venture between four oil companies to produce linear alkyle benzene in Egypt.

He pointed out that the risks covered by the deal include installations, civil liability, auto insurance, fire and maintenance risks at an annual premium of $1.8 million for three years.

Misr Insurance won the deal in a competition with sixteen insurers operating in the local market, beating major competitors such as Al Chark Insurance, AIG, Mohandes, Suez Canal and Delta Insurance companies.

Morsi said that Lloyds Reinsurance in London has accepted to cover the insurance policy in cooperation with another British based reinsurance operation for 90 percent of the premiums.