Denys
Denya, Executive Vice President (Finance, Administration and Banking
Services), Afreximbank
The
African Export-Import Bank (Afreximbank) has disbursed the
sum of $200 million to theEgyptian General Petroleum
Corporation (EGPC) to support EGPC’s investment
in the Middle East Oil Refinery Company (MIDOR).
The Investment
Financing Facility, disbursed during a signing and disbursement
ceremony in Cairo on 1 August, is also aimed at
supporting EGPC’s company expansion plan which is
part of Egypt’s plan to become a regional hub for exporting
oil products to the Middle East region and the rest
of Africa.
Denys
Denya, Executive Vice President (Finance, Administration
and Banking Services), signed the facility agreement on behalf
of Afreximbank while Ayman Hegazy, Deputy Chairman of
EGPC, signed for his corporation.
EGPC established MIDOR in
1994 and holds 98 per cent of
the shares while the rest of the shares are held by
the Suez Canal Bank. The refinery, located in the
Ameryia Specialized Free Zone in
Alexandria, is reputed to bethe most advanced oil refinery
in Egypt. It has 16 production units, with a combined
maximum refining capacity of 100,000 barrels per day, and
is reported to have refined about 37 million
barrels as at the end of 2017.
The
refinery is working to expand its production capacity to
160,000 barrels per day by 2020.
Afreximbank’s
support to EGPC is part of its effort to promote intra-African trade
and industrialization and export development in
Africa. Intra-African trade and industrialization and export
development are among the key pillars of the Bank’s
current five-year strategic plan dubbed Impact
2021: Africa
Transformed.
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