Egypt-based private equity firm Citadel Capital said a company in which it is an investor was in advanced talks to secure $2.35 billion in financing for a refinery project in the Cairo area, the bourse reported on Thursday.
Egyptian Refining Company, in which Citadel said it had a stake of more than 8 percent, "has entered an advanced stage of talks with several export credit agencies and international financial institutions to finalize obtaining required financing in loans and facilities worth $2.35 billion".
Citadel said in March it had secured $900 million from state-run Japan Bank for International Cooperation to help finance the project.
Output from the refinery will be sold to Egyptian General Petroleum Corp for 25 years at prices matching those in the market.
Cairo-based Citadel controls $8.3 billion in investments spanning 14 countries and is looking to expand its investments in the Middle East and east Africa.
