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Egyptian Midor seals USD1.2b loan settlement

24 Feb 2016

(MENAFN) Middle East Oil Refinery Company (Midor), Egypt’s state-owned firm has inked a preliminary loan contract with three banks for a total of USD1.2 billion, based on reports.

The firm is planning to develop its refining size to 160 thousand barrels per day from the current 100 thousand, and the deal has involved French banks Credit Agricole, BNP Paribas and Italy’s CDP.

Moreover, the African Arab Republic has been struggling for quite some time with sky-high energy bills triggered by high subsidies it provides on fuel for its population of more than 80 million.

Midor supports the Egyptian national economy by performing the activity of crude oil refining and high-quality petroleum products processing, for domestic and international markets.

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