Cairo – Mubasher: Middle East Oil Refinery (Midor) has signed a $1.2 billion loan with an international banking consortium, the Egyptian petroleum ministry said.
The consortium comprised of the French banks Credit Agricole and BNP Paribas, Italy’s Cassa Depositi e Prestiti (CDP), National Bank of Egypt (NBE), and National Bank of Abu Dhabi (NBAD), according to a statement.
The loan will be used to finance 60% of the Egypt-based company’s expansion to boost its refinery capacity, the ministry added.
The project will be implemented at a value of $1.2 billion of total expansions worth $2.3 billion, the ministry noted.
Tarek El-Molla, the Egyptian petroleum minister, said that the banking consortium’s offer highlights investor confidence in investing in Egypt on the back of the current economic reform policy and the support of the Egyptian-Italian relations in oil and gas field.
For his part, Italian ambassador to Cairo Giampaolo Cantini said that the Italian institutions investing in this project, such as Servizi Assicurativi del Commercio Estero (SACE), Technip, and CDP, had played a key role to reach this agreement.
