Cairo – Mubasher: Egypt’s Ministry of Petroleum and Mineral Resources said it signed a preliminary loan agreements with three banks to secure $1.2 billion credit facility to finance state-owned Middle East Oil Refinery Company (Midor)’s expansions.
The agreement was signed with the heads of a banking consortium that includes French banks Credit Agricole and BNP Paribas and Italy's CDP.
The expansion at Midor aims to increase the company's refining capacity to 160,000 barrels per day (bpd) from 100,000 bpd.
