The Assiut Oil Refining Company (ASORC) signed a USD 100 mn loan agreement with the China Development Bank (CBD) on Wednesday to help fund upgrades to its refinery, according to an Oil Ministry statement. The loan — arranged by the National Bank of Egypt (NBE) — will contribute to building a CCR reforming unit for the production of high-grade octane as part of a wider national strategy to upgrade refineries nationwide to improve the quality of locally produced fuel. Enppi has been tapped as the project’s general contractor.

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