Middle East Economic Survey

VOL. LII

No 37

14-Sep-2009

EGYPT

ERC Targets Early 2010 Financial Close For Musturud Refinery Upgrade

The Egyptian Refinery Company (ERC) is targeting the first quarter of 2010 for completion of the financing for the expansion and upgrading of its Musturud refinery, MEES understands. The financing is at an advanced stage, and a detailed term sheet is being negotiated with banks, after delays resulted from the turmoil in the banking industry following the credit crunch (...