KUALA LUMPUR, Jan 23 (Bernama) -- Sateras Resources (M) Bhd Thursday saidthat the company was currently waiting for reply from all partiesconcerning the development of a joint venture agreement (JVA) for the setup of a palm oil refinery in Egypt.It said this in an announcement to the Kuala Lumpur Stock Exchange (KLSE)here Thursday.

Sateras said that on June 20, 2000, a joint venture agreement was signedin Cairo, Egypt between the company, Pica (M) Corporation Bhd,Uni-Contrade Sdn Bhd and an Eqyptian party, Khalaf Group, to establish ajoint venture company in Egypt to set up a completely integrated palm oilrefinery in Egypt.

On Aug 23, 2000, all the parties agreed to the assignment of all rightsand obligations of Uni-Contrade Sdn Bhd arising from or under the JVA toUCTMAS Sdn Bhd, pursuant to a clause of the JVA.

On Dec 12, last year, the company issued letters to all parties concernedto seek for the termination of the JVA mutually as there was nodevelopment on the said matter.-- BERNAMA