Egypt Refining secures $2.6bn financing for Cairo project

10 August 2010

Egypt-based private equity firm Citadel Capital has said a company in which it is an investor had secured $2.6bn in financing for a refinery project in the Greater Cairo area. The Egyptian Refining Co (ERC), in which Citadel has a 10% stake, signed the loan to finance construction of its $3.7bn oil refinery. Once completed, the refinery will produce over 4 million tonnes of refined products per annum, including 2.3 million tonnes of EURO V diesel.

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