ERBD plans a $200 mln funding for Egypt’s Suez Petroleum

The European Bank for Reconstruction and Development (EBRD) is planning to secure a $200 million loan for Egypt’s Suez Oil Processing Company (SOPC). The money will go for financing a package of energy efficiency investments and other refurbishments and installations at the company’s refinery in Suez.

It is a sovereign loan to Egypt and will be brought before the bank’s  board for a vote on March 28.

The project will focus on the installation of a New Vapour Recovery Unit (VRU), the refurbishment of the old cooker unit and a number of energy efficiency investments identified to improve operational performance, environmental footprint, and rate of the refinery utilization.