Middle East Economic Survey
ERC Seeks Remaining Funding For Musturud Refinery
The Egyptian Refinery Company (ERC) formally requested funding from banks last month, seeking to secure a further $1.1bn of the $2.35bn debt needed for the Musturud refinery expansion and upgrade. Costing a total of $3.5bn, it will be North Africas largest ever project financing (MEES, 1 February). The refinery uses heavy fuel oil as feedstock, and will have the capacity to process...