Middle East Economic Survey

VOL. LIII

No 32

9-Aug-2010

EGYPT

ERC Signs $2.6Bn Financing Agreement For Musturud Refinery

The Egyptian Refinery Company (ERC) signed an agreement with lenders on 5 August to receive $2.6bn in financing for the Musturud refinery expansion and upgrade. It is North Africas largest project financing, and was $350mn oversubscribed after attracting ten additional international and regional banks to its original group of lenders (MEES, 26 July). From these additional...