Middle East Economic Survey
SACE Issues $624Mn Guarantee To Modernize Izmit Refinery
Italys export credit agency (ECA) SACE has guaranteed a $624mn loan granted by a pool of international banks to Turkeys Tupras for the modernization of the Izmit refinery near Istanbul. The guarantee will cover the contracts currently being awarded to a number of Italian firms. The $2.4bn project will enable Tupras to boost efficiency and revenues from the Izmit refinery,...