Egypt Export Marketplace for products & services  •   Log in | Sign up  

Export Egypt Home
made in Egypt Egypt products
  Home  |  Products  |  Business Center  |  News   |  Events   |  My Account Follow us on Facebook
Products and vendors Services and providers Oil & Gas Software and publications

Egypt Signs A $ 1.2 Bln Loan With 3 Int'l Banks To Reach 7.6 Mln Tons Of Midor
Source: 10/31/2018

Egypt’s state-owned Middle East Oil Refinery Company (Midor) signed a 1.2-billion-dollar loan agreement with a banking consortium to increase the refining capacity of the Alexandria refinery lab by 60 %, the Petroleum Ministry said in a statement .

The loan, extended by Credit Agricole, BNP Paribas and Italy’s CDP, is part of the company’s $2.3 billion expansion plan, the statement said.

The National Bank of Egypt and Abu Dhabi National Bank will serve as the project's financial consultants.

Petroleum Minister Tarek el Molla, Italian Ambassador in Cairo Giampaolo Cantini, head of the Italian Exports Development Authority and chairman of Italy's TechnipFMC company, the project's public contractor, attended the signing ceremony.

The expansion of Midor refinery lab comes as part of the Petroleum Ministry's plans to increase the production of petroleum products.

After the end of the project, the lab's refining capacity will increase from 4.6 million tons to 7.6 million tons.

In statements, Molla said the loan offered by three international banks mirrors their confidence in the Egyptian national economy and the reform program adopted by the government.

The loan will also help boost Egyptian-Italian cooperation in the petroleum and natural gas domains.

Related Categories: Accounting, Statistics  Economics/Financial Analysis  General  Insurance 

Export Egypt - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us