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.