Investors in an Egyptian petroleum refinery project, led by Citadel Capital and Qatar Petroleum, have secured $3.7 billion in financing for the facility, the project operator said on Thursday.
The financing, put together by private equity firm Citadel, includes a $1.1 billion equity investment and is backed by a $2.6 billion debt package, Egypt Refining Company (ERC) said in a statement. Project partners include the Egyptian government.
The ERC project is to produce more than 4.1 million tonnes of refined products and oil derivatives annually, including more than 2.3 million tonnes of Euro V diesel per year. This is expected to cut Egyptian diesel imports by up to 50 percent.
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