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Wednesday, 17 October 2018

ANOPC seeks EGP 1.2 bn in financing for refinery

Assiut National Oil Processing Company (ANOPC) is in talks with local banks for a EGP 1.2 bn loan as part of the financing package for a USD 1.9 bn hydrocracking facility being built by subsidiary Assiut Oil Refining Company (ASORC), sources told Al Mal. ANOPC has approached the National Bank of Egypt, Banque Misr, CIB, Arab African Bank, QNB Egypt, HSBC, Credit Agricole, and Egyptian Gulf Bank, among others. The ASORC facility would refine product received from another Assiut plant and produce Euro V-grade diesel and gasoline, among other products. ANOPC signed earlier this week contracts with Italy’s Technip and Eni for pre-construction services.

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