Cairo, 06 Aug. 2018: – The African Export-Import
Bank (Afreximbank) has disbursed the sum of $200 million to the Egyptian
General Petroleum Corporation (EGPC) to support EGPC’s investment in
the Middle East Oil Refinery Company (MIDOR).
Bank (Afreximbank) has disbursed the sum of $200 million to the Egyptian
General Petroleum Corporation (EGPC) to support EGPC’s investment in
the Middle East Oil Refinery Company (MIDOR).
The Investment Financing Facility, disbursed during a signing and
disbursement ceremony in Cairo on 1 August, is also aimed at supporting
EGPC’s company expansion plan which is part of Egypt’s plan to become a
regional hub for exporting oil products to the Middle East region and
the rest of Africa.
disbursement ceremony in Cairo on 1 August, is also aimed at supporting
EGPC’s company expansion plan which is part of Egypt’s plan to become a
regional hub for exporting oil products to the Middle East region and
the rest of Africa.
Denys Denya, Executive Vice President (Finance, Administration and
Banking Services), signed the facility agreement on behalf of
Afreximbank while Ayman Hegazy, Deputy Chairman of EGPC, signed for his
corporation.
Banking Services), signed the facility agreement on behalf of
Afreximbank while Ayman Hegazy, Deputy Chairman of EGPC, signed for his
corporation.
EGPC established MIDOR in 1994 and holds 98 per cent of the shares
while the rest of the shares are held by the Suez Canal Bank. The
refinery, located in the Ameryia Specialized Free Zone in Alexandria, is
reputed to be the most advanced oil refinery in Egypt. It has 16
production units, with a combined maximum refining capacity of 100,000
barrels per day, and is reported to have refined about 37 million
barrels as at the end of 2017.
while the rest of the shares are held by the Suez Canal Bank. The
refinery, located in the Ameryia Specialized Free Zone in Alexandria, is
reputed to be the most advanced oil refinery in Egypt. It has 16
production units, with a combined maximum refining capacity of 100,000
barrels per day, and is reported to have refined about 37 million
barrels as at the end of 2017.
The refinery is working to expand its production capacity to 160,000 barrels per day by 2020.
Afreximbank’s support to EGPC is part of its effort to promote
intra-African trade and industrialization and export development in
Africa. Intra-African trade and industrialization and export development
are among the key pillars of the Bank’s current five-year strategic
plan dubbed Impact 2021: Africa Transformed.
intra-African trade and industrialization and export development in
Africa. Intra-African trade and industrialization and export development
are among the key pillars of the Bank’s current five-year strategic
plan dubbed Impact 2021: Africa Transformed.
Culled:Afreximbank
