Global Arab Network | Egypt: EU supports building advanced refinery with $ 450 million loan

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Egypt: EU supports building advanced refinery with $ 450 million loan

- Talal Abdullah

Tuesday, 07 September 2010 13:30

EU backs state-of-the-art Egyptian refinery with $ 450 million loan

Egypt (Cairo) - The European Investment Bank is supporting a state-of-the-art refinery in Egypt with a loan of US$450 million, signed in August, reports Global Arab Network 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.

Global Arab Network

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