EBRD lends Egypt USD 200 mn to improve natural gas infrastructure

The European Bank for Reconstruction and Development (EBRD) is lending Egypt USD 200 mn to “finance the modernization of selected gas infrastructure facilities.” The EBRD loan “will be extended to the Egyptian Natural Gas Holding Company (EGAS) and its subsidiary Egyptian Natural Gas Company (GASCO) to fund the introduction of state-of-the-art technologies to recover waste heat from gas turbines used to drive gas compressors. The recovered heat will be used to produce additional energy, which will drive new electric compressors and replace fuels on-site. The introduction of new technology will lead to a reduction of over 250,000 tonnes of carbon-dioxide equivalent (CO2e) per year.” Oil Minister Tarek El Molla says “the EBRD will also provide technical assistance in addition to the USD 200 mn loan, which will contribute to the upgrading of gas metering systems throughout the Egyptian gas transmission network, a key step towards an efficient and cost conscious use of energy.”