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.