The Egyptian Refining Company (ERC) has signed a debt package of $2.6bn to finance the development of its $3.7bn second-stage oil refinery in the Greater Cairo area.
Once complete, the refinery will produce over four million tonnes of refined products per annum, including 2.3 million tonnes of Euro V diesel.
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Citadel Capital managing director Marwan Elaraby said that ERC had won outstanding backing from global institutions because the development will have a notable effect on Egypt’s economy and environment, particularly in the Greater Cairo Area.
The refinery, to be located in the Greater Cairo, will sell its production to the state-owned Egyptian General Petroleum Corporation under a 25-year offtake agreement.
The project’s builders expect to complete construction and operational testing of the refinery in the second half of 2014 and operations will begin in 2015.
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By GlobalData
