Banque Du Caire Reissues US$ 40 Mln L/C for Citadel’s ERC

For the second year in a row, Banque Du Caire agreed last May to issue US$ 40 million Letter of Credit for the Egyptian Refining Company (ERC), a subsidiary of Citadel Capital Co. (CCAP.CA).

An official source in Banque Du Caire told Amwal Al Ghad that the bank has reissued Letter of Credit for ERC with the purpose of importing petroleum products as the fuel crisis in Egypt still bites.

Egypt’s Ministry of finance has recently certified the guaranty of the Egyptian General Petroleum Cooperation (EGPC) in order to open letters of credit worth EGP 1.5 billion at the National Bank of Egypt (NBE) so as to import oil from Libya and Kuwait.

It is worth mentioning that Citadel Capital’s affiliate ERC had received the Infrastructure Journal’s “Oil & Gas Deal of the Year” and overall “Deal of the Year” awards.