The EIB Group promotes Corporate Responsibility through its mission and activities in the service of the European Union, through the way it implements these and through its internal management.
EIB committed to support Egyptian Refinery Company
Date: 16 August 2010
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. ERC’s production will be sold to the Egyptian General Petroleum Corporation (EGPC) under a 25-year off-take agreement at international prices. ERC is a partnership between Citadel Capital (the leading Egyptian Private Equity firm), its co-investors and the state-owned EGPC. The European Investment Bank is committed to support this project with a loan of USD 450 million which was signed on 9 August 2010.