Friday, 13 August 2010

ERC signs US$2.6 billion debt package to finance oil refinery construction

The Egyptian Refining Company (ERC) has signed a debt package of US$2.6 billion to finance construction of a US$3.7 billion second-stage oil refinery in the Greater Cairo Area.

The refinery is expected to produce over 4 million tonnes of refined products per annum, including over 2.3 million tonnes of EURO V diesel.

ERC's production will be sold to the Egyptian General Petroleum Corporation (EGPC) under a 25-year agreement.

ERC is a partnership between Citadel Capital, the leading private equity firm in the Middle East, and the EGPC.

For more news and expert analysis about Egypt, please see Egypt Politics & Security.

© 2010 Menas Associates

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