The European Bank for Reconstruction and Development (EBRD) is providing a $50m loan to support the upgrade of Suez Oil Processing Company’s (SOPC) oil refinery in Egypt.
SOPC is a fully owned subsidiary of Egyptian General Petroleum, an economic state corporation.
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With a throughput capacity of producing 68,000bpd of oil, the refinery is adjacent to the city of Suez, Egypt, at the entrance of the Suez Canal.
The loan is to be used to finance energy efficiency investments to increase support for a greener oil and gas sector in Egypt.
EBRD noted that the funds are intended to be used towards the operational efficiency of the Suez refinery, which will enable SOPC to introduce cleaner and greener fuel.
According to EBRD, the green energy measures will reduce CO2 emissions by 289,000t, thereby contributing to better and much-needed air quality in Egypt.
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By GlobalDataThe latest loan grant follows an initial $200m provided by the EBRD for the refinery in May last year.
EBRD said in a statement: “In recent years, Egypt has struggled to balance the country’s production, consumption and export of both oil and gas.
“The bank’s support to SOPC will help realign the supply and demand of higher value added oil products and reduce the need for imports.”
EBRD’s investments will also be used to improve the flexibility of the refinery’s crude intake, thereby enabling production of higher quality fuels and lower sulphur fuels.
Since its inception in 2012, the EBRD has been supporting the Egyptian oil and gas sector in assist the country’s attempts to reduce greenhouse gas (GHG) emissions and air pollution levels.
