Petroleum Africa
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Tuesday, May 31, 2016
Carbon Holdings secured an agreement with one of the four export credit agencies expected to provide financing worth between $4 billion and $5 billion for its massive Tahrir petrochemicals project in Egypt.
The $7-billion scheme at Ain Sokhna will be one of the largest petrochemicals projects in Egypt. It is projected to increase Egypt’s production of petrochemicals by about 50% in the first decade it is operational.
Carbon Holdings expected to have the financing in line by the end of 2015, however talks were put on hold because the US Export-Import Bank was unable to lend funds until the US Congress renewed its license.
According to Carbon Holdings CEO Basil El-Baz in a Reuters report, the US’ Overseas Private Investment Corp. (OPIC) agreed to direct funding. “We are optimistic that we should be in a position to wrap this up this year,” Baz said of the full finance package.
Carbon Holdings expects three other agencies to contribute to the 17-and-a-half-year debt facility, either through direct lending or guarantees for commercial bank loans. They are U.S. EXIM, Sace of Italy and UK Export Finance.
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