MIDOR reaches closure for USD 1.2 bn loan with Zaki Hashem as advisor

Middle East Oil Refinery (Midor) has reached financial close on what is believed to be a USD 2.2 bn-expansion and upgrade program for its Alexandria refinery. The state-owned company reportedly signed the final contracts for the a USD 1.2 bn financing facility last October with Crédit Agricole, BNP Paribas and Italy’s CDP. The project includes “a series of agreements with an Italian contractor supported by an Italian export credit agency,” legal advisors Zaki Hashem & Partners said in an emailed statement. The ZH&P statement says Midor is now ready to draw down the funds and move to the implementation phase of the project, which it said will position Midor as “major regional hub for producing and exporting petroleum products.”