Citadel Capital to raise $2.25bn to build refinery

24 February 2010

Egyptian private equity firm Citadel Capital expects to raise $2.25bn next quarter to finance building a refinery northeast of Cairo, the company's managing director Marwan Elaraby told Bloomberg. He said the financing will be secured through export credit agencies and development finance institutions. The oil refinery, which will be built and run by Egyptian Refining Co., is scheduled to start production in 2014.

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