Cairo – Mubasher: Assiut Oil Refining Company (ASORC) has signed an agreement with National Bank of Egypt (NBE) regarding the $100 million loan provided by China Development Bank (CDB) through NBE.
The loan will be injected into implementing the infrastructure of a naphtha isomerisation complex, which is under construction, to produce high-octane gasoline, the petroleum ministry said in a statement.
Engineering for the Petroleum & Process Industries (ENPPI) is the main contractor of the project, the statement showed.
The deal was signed by ASORC’s chairman Nagy Kassab and NBE’s vice chairman Yehia Abou El Fotouh.
The project will be auto-financed with $64 million to complete the facility and infrastructure works, including two power plants, in addition to main substation and six warehouses, Kassab said, giving no further details on the timeframe of the complex.
ASORC’s complex aims to produce around 604,000 tonnes of high octane gasoline per year in a bid to meet the demand of Upper Egypt governorates.
