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FINANCIAL NEWS
Egypt’s EHC signs $298m loan for chemical complex
03 Dec 2010
(MENAFN) Basil El Baz, Chairman and Chief Executive Officer of Egypt Hydrocarbon Corporation (EHC), announced that the corporation was able to secure a $298 million loan facility for the construction of a world-scale chemical complex in the Suez region of Egypt, Trade Arabia reported.
According to El Baz, the initial mandated Lead Arrangers for the loan facility are an Egyptian bank and a Bahraini bank, whereas the engineering, procurement and construction contract and technology licenses have been executed with Uhde, a wholly owned subsidiary of ThyssenKrupp.
The complex, which is scheduled to start-up in 2013, converts ammonia feedstock to 925 metric tons per day of nitric acid which is further processed to produce 1,060 metric tons per day of low density ammonium nitrate, explained El Baz.
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