Citadel to raise $2.25b for Egypt refinery project

23 Feb 2010

(MENAFN) A senior official at Citadel Capital Corp., an Egyptian private equity company with $8.3 billion in investments, said that the company expects to raise $2.25 billion next quarter to finance building a refinery northeast of Cairo, Bloomberg reported.

The plant, which will be built and run by Egyptian Refining Co., is scheduled to start production in 2014, the official said in an interview in Cairo.

The Cairo-based company said the financing will be secured through export credit agencies and development finance institutions. The official declined to name the lenders.

The refinery, based at the Mostorod Petroleum Complex northeast of Cairo, will produce 700,000 tons of high-octane gasoline and 2.2 million tons of diesel a year using fuel residue from the adjacent Cairo Oil Refinery Co.

Citadel Capital owns 85 percent of Egyptian Refining’s shares. The Egyptian General Petroleum Corp. owns the remaining stocks.

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