Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum, have secured USD 3.7 billion in financing for the facility. The financing, put together by private equity firm Citadel, includes a USD 1.1 billion equity investment and is backed by a USD 2.6 billion debt package.
The ERC project is to produce over 4.1 million tns of refined products and oil derivatives annually, including more than 2.3 million tns of Euro V diesel per year. This is expected to cut Egyptian diesel imports by up to 50%.The ERC said the refinery, on the outskirts of Cairo, will contribute USD 300 million in direct benefits to the state and create jobs.
