Monday, February 22, 2016
1.2 billion dollars Preliminary Loan Agreement for MIDOR Refinery Expansions

Petroleum Minister Eng. Tarek ElMullah and Engineer Mohamed Taher; First Undersecretary of The Petroleum Ministry witnessed on 22nd of February 2016 the signing of the preliminary agreement with banks that will finance the expansions of MIDOR' refinery. Dr. Mohamed Abdelaziz MIDOR's Chairman signed preliminary loan agreement with Credit Agricole, Italian CDP and BNP Paribas French Banks. The loan is worth 1.2 billion dollars and it represents about 80% of the estimated investment cost for the project that account to about 1.4 billion dollars.

Petroleum Minister Engineer Tarek ElMullah confirmed that MIDOR expansions project aims to boost operational capacity of the refinery to reach 160 thousand barrels per day; by maximizing utilization and operational capacity of current units hence, producing high quality petroleum products in accordance with future international specifications EURO 5 to meet domestic needs and maximizing middle distillates specially LPG, diesel and gasoline.

Dr. Mohamed Abdel Aziz, MIDOR's Chairman and CEO affirmed that the company successfully acquired the finance for funding the expansion project by the Financial Advisor (National Bank of Abu Dhabi and National Bank of Egypt). Dr. Mohamed stated that the availability of the rest needed for financing the Expansion Project “230 million dollars” is self-financed. He declared that obtaining a funding guarantee from the Italian Export Credit Agency (SACE) during signing the cooperation agreements between Egyptian and Italian Governments last July is an indication of the strong cooperation between the two countries. Engineering Designs for the project are being executed along with The American Company UOP. The Italian Company Technip, general contractor of the project, is currently working on the detailed engineering designs. The project is planned to be executed and production should start by the first quarter of 2019.


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