Deal will be first foreign-funded financial close in post-revolution Egypt
The financing of Mostorod refinery in Egypt is set to close by 15 June, according to sources close to the deal.
The $3.7bn project is sponsored by Egyptian General Petroleum Corporation (EGPC), the local Citadel Capital and Qatar Petroleum.
About $2.35bn will be provided in debt. Japan Bank for International Cooperation (Jbic) and Nippon Export and Investment Insurance (Nexi) are putting forward $900m.
The Nexi portion is covered by the export credit agency, while funds are to be provided by commercial banks. Export-Import Bank of Korea is providing $800m under the same structure.
The European Investment Bank is providing $450m, which will be covered by 15 commercial banks. The African Development Bank is expected to provide $200m.
You might also like...
Amiral cogen eyes financial close
26 April 2024
Lunate acquires 40% stake in Adnoc Oil Pipelines
26 April 2024
Saudi Arabia's Rawabi Holding raises SR1.2bn in sukuk
26 April 2024
Iraq oil project reaches 70% completion
26 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.