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Wednesday, 23 May 2018

EBRD lends SOPC USD 200 mn to finance energy efficiency program

EBRD lends SOPC USD 200 mn to finance energy efficiency program: Egypt signed yesterday a USD 200 mn loan agreement with the European Bank for Reconstruction and Development (EBRD) for the Suez Oil Processing Company (SOPC) to finance the company’s energy efficiency investments, including its Green Economy Transition approach, according to an Investment Ministry statement. “In particular, the Project will focus on the installation of a New Vapour Recovery Unit (VRU), the refurbishment of the old coker unit and a number of energy efficiency investments identified to improve operational performance, environmental footprint and utilisation rate of the refinery,” according to the EBRD.

We’d also like some money to focus on CNG use, please: Oil Minister Tarek El Molla also met yesterday with the EBRD’s Director for Natural Resources Eric Rasmussen to discuss a potential separate financing package to help increase Egypt’s reliance on compressed natural gas for cars, Al Masry Al Youm reports. The move would help reduce our fuel consumption levels.

This comes as Egypt is planning to reach petroleum and diesel self-sufficiency within the coming three years, El Molla told reporters, according to the newspaper. El Molla provided no details on how we intend to reach that milestone. He did, however, make it a point to say that self-sufficiency will not mean ending crude oil imports, noting that Egypt would continue importing crude oil to be refined at local facilities and directed towards domestic consumption and exports.

Meanwhile, the Oil Ministry has set October deadlines for companies to submit their bids for the two upcoming oil and gas exploration tenders, Reuters’ Arabic service reports. Bids for the 11 concession areas offered by EGPC are due by October 1, while oil companies eyeing the 16 concession areas offered by EGAS must submit their bids by October 8. International oil companies, including Shell, Apache Corporation and UAE’s Mubadala are all looking at opportunities in the two bid rounds, as we noted yesterday.

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