Petroleum Africa
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Wednesday, February 24, 2016
Middle East Oil Refinery Company (Midor), Egypt’s state-owned refining company, signed an initial loan agreement with three banks for $1.2 billion, according to the state news agency.
The loan is to fund the expansion of the Alexandria refinery lab and covers roughly 80% of the $1.4 billion needed. The remaining funds for the expansion will be self-financed.
The loan agreement was with a banking consortium that includes France’s Credit Agricole and BNP Paribas and Italy’s CDP.
The expansion is aimed at increasing the refinery’s capacity by 60,000 bpd.
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