Published: March 22, 2010
Egyptian oil refinery raises loan to build new coking facility.
The Egyptian Refining Company (ERC), an oil refinery, has secured US$225mn in loans from the African Development Bank (AfDB) to help it build and operate a new hydro-cracking/coking facility.
The funding comprises a US$200mn senior loan and a US$25mn subordinated convertible loan. ERC also has the right to draw down a B-loan of up to US$80mn.
ERC is majority owned by private Egyptian and regional investors, led by private equity firm Citadel Capital. The Egyptian General Petroleum Corporation owns the remaining 15%.