The Middle East Oil Refinery (MIDOR) is set to receive a USD 1.2 bn loan in 1Q2018 from a banking consortium composed of Crédit Agricole, BNP Paribas, and Italian bank Cassa Depositi e Prestiti, an unnamed Oil Ministry official tells Al Shorouk. MIDOR had reached a preliminary agreement with the banks last year. The loan is set to finance the second phase of expansion plans for its refineries, whose capacity MIDOR wants to bring up by 15% in FY2017-18 to 39 mn bbl of refined crude. MIDOR completed its first phase of expansion began the first phase of the expansion in January and completed it last month, according to the source.

Tags: