The Egyptian Refining Company (ERC) received $2.6 billion in loans to finance the second phase of its oil refinery in Mostorod, the company said in a statement.
The total cost of the plant is expected to reach $3.7 billion and should start operation by 2015. Its total capacity will exceed 4mn tons of refined products per year upon completion.
The banks participating in the loan include the Japan Bank for International Cooperation (JBIC), the African Development Bank (AfDB), the Nippon Export and Investment Insurance, the Export-Import Bank of Korea and the European Investment Bank. ERC is a partnership between Citadel Capital, Egyptian General Petroleum Corporation (EGPC) and other investors.
