Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) is provisioning a $200 million loan to Egypt's Suez Oil Processing Company (SOPC) to finance energy efficiency projects and other refurbishments and installations at the Suez refinery.
The EBRD has classified the loan as a sovereign loan to Egypt, on which SOPC will be benefited from, according to the bank’s official website.
The project will help SOPC in installing a new vapour recovery unit (VRU) and refurbishing the old coker unit, as well as implementing a number of energy efficiency investments identified to improve operational performance, environmental footprint, and utilisation rate of the refinery, the EBRD highlighted.
The loan is set to be brought before the bank’s board for a vote on 28 March.
