Tuesday, October 30, 2018

In the presence of His Excellency Minister of Petroleum &Mineral Resources Eng./Tarek El Molla, and the Italian Ambassador,

Midor and Technip signed the EPC US $1.7 billion contract. The $1.2 billion loan agreement was signed between MIDOR, SACE and 3 international lending banks.

Under the patronage of Engineer Tarek El-Molla Minister of Petroleum and Mineral Resources, a US $1.2 billion loan agreement for financing Midor expansions project was signed with the biggest international banks (CDP Bank, Credit Agricole Bank, BNP Paribas) under the guarantee of The Italian Export Credit Agency (SACE) and the Egyptian Ministry of Finance on the 30th of October at the Ministry of Petroleum premises.

The general contractor contract of value US $1.7 billion was signed with the Italian Company Technip to increase Midor refining capacity by 60%.

It is worth mentioning that these expansions are considered a breakthrough in the refining industry keeping Midor in line with all international standards in the global refining industry.

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