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Latest News

Egypt refining co secures $2.6 bln loan – Citadel

The Egyptian Refining Company signed the loan to finance construction of its $3.7 billion oil refinery.

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August 9, 2010 1:00 by



Egypt-based private equity firm Citadel Capital said on Monday a company in which it is an investor had secured $2.6 billion in financing for a refinery project in the Cairo area.

The Egyptian Refining Company, in which Citadel said it had a stake of more than 8 percent, signed the loan to finance construction of its $3.7 billion oil refinery, one of Africa’s largest project finance deals, Citadel said.

Citadel said in March it had secured $900 million from state-run Japan Bank for International Cooperation to help finance the project.

Citadel shares were up 5.6 percent by 0937 GMT, while Egypt’s benchmark index added 0.9 percent.

Output from the refinery will be sold to Egyptian General Petroleum Corp for 25 years at prices matching those in the market. The refinery will produce more than 4 million tonnes of refined products per year.

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.

(Writing by Sherine El Madany; Editing by Michael Shields)



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