MIDOR Refinery Expansion Sees Financing

Wednesday, January 6, 2016

Egypt’s MIDOR refinery’s expansion plans will be funded by loans from a number of French lenders according to reports from Ahram Online. The French lenders, Credit Agricole and BNP Paribas will offer a $1.2 billion loan to expand the refinery.

While the loans are coming from the French lenders they will be guaranteed by the Italian Central Bank and the Italian Export Development Authority.

In H1 2015 MIDOR signed deals worth more than $1 billion to expand the refinery. The two deals signed were with UOP to design the facility to increase processing capacity to 160,000 bpd.

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