Egyptian Refining Company, a subsidiary of Citadel for Financial consultations, is receiving the first tranche of the US$ 2.6 billion loan from 6 financial institutions before the end of the current quarter to finance the establishment of a developed refinery in Cairo.
Some Japanese financial institutions is sharing in the initial loan tranche in value to US$ 2.3 billion as Japan Bank for International Cooperation shares with US$ 540 million and Nippon Export and Investment Insurance shares with US$ 360 million.
Export-Import Bank of Korea approved to share with US$ 800 million, European Investment Bank will share with US$ 450 million and African Development Bank will share with US$ 25 million.
Citadel Capital said in a statement earlier that the investment cost of the project is US$ 3.7 billion. The annual design capacity of the refinery provides 4 million tons of petroleum products; 2.3 million tons of diesel, 860 thousand tons of benzene, 80 thousand tons of butane. The Project will provide US$ 3.6 million annually to finance balance of payments deficit.
The project capital is US$ 1.13 billion which is covered by international financial institutions and investors. Citadel capital shares with US$ 150 million and Egyptian General Petroleum Corporation provides about 24% of the capital.