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EIB backs state-of-the-art Egyptian refinery with $450 million loan
07-09-2010The European Investment Bank is supporting a state-of-the-art refinery in Egypt with a loan of US$450 million, signed in August, according to an EIB press release.
The Egyptian Refining Company (ERC) is building a state-of-the-art US$3.7 billion greenfield second-stage oil refinery in the Greater Cairo Area, which will produce over 4 million tons of refined products per annum, including over 2.3 million tons of EURO V diesel, the cleanest fuel of its type in the world.
Production will be sold at international prices to the Egyptian General Petroleum Corporation (EGPC) under a 25-year agreement, the press release said. (ENPI Info Centre)
ENPI Info Centre webpage – Egypt
ENPI Info Centre webpage – energy
