Egypt’s Midor refinery expansion gets funding

摘要

Egypt’s 100,000 b/d Alexandria refinery owner Midor has secured $1.2bn in financing for an expansion project from three European banks. Egyptian officials said the loan represents around 80pc of the $1.4bn needed to move the project to completion. The remainder will be financed by Midor’s shareholders. The government has said it aims to end gasoline imports by 2020-21 through upgrades at its refineries, including the planned Alexandria expansion that will increase capacity to 160,000 b/d. Midor expects to complete the expansion in the first quarter of 2019.