Middle East Oil Refinery Company (Midor) signed a loan agreement worth $1.2 billion with a consortium of three international banks.
The consortium include three banks namely Credit Agricole, BNP Paribas and Italy’s CDP.
The National Bank of Egypt and National Bank of Abu Dhabi are the financial advisors of the project.
“The expansion of the Midor refinery comes within the framework of the Ministry of Petroleum’s strategy to develop and increase the capacities of refineries and work to increase the quantities of petroleum products,” Minister of Petroleum Tarek el-Molla said.
Molla added that the expansion project will raise the produced quantities of the refinery to 7.6 million tons from the current 4.6 million tons.
In addition, it will contribute to achieving self-sufficiency of petroleum products in line with the state’s national project to make Egypt a regional center for trading oil and gas.
Furthermore, the project will produce high quality products according to the international standards, which contributes to the provision of dollar liquidity through exporting the international standard (Euro-5) products, the minister added.