EGYPT

 

ERC’s Musturud Refinery Project Secures Funding Despite Political Turmoil

Against all odds Egyptian Refining Company (ERC) has finalized the financing for its $3.7bn Musturud refinery project just north of Cairo. Once it has drawn down the funds – this process has started and typically takes a few days – it will be able to begin engineering activity at the site. Lenders had originally agreed to provide funds for the project in 2010,...