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.
COP27: EIB announces new support for Egypt’s own green transition
At COP, the EIB confirmed its intention to support Egypt’s green and sustainable transition, while also contributing to the country’s resilience to climate change over the period 2022-2030, including renewable energy projects, transport projects, water and food security projects.