{"id":543771,"date":"2022-02-17T03:56:04","date_gmt":"2022-02-17T03:56:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/"},"modified":"2022-02-17T03:56:04","modified_gmt":"2022-02-17T03:56:04","slug":"diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/","title":{"rendered":"Diesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps"},"content":{"rendered":"

<\/a> Several of <\/strong>Europe\u2019s biggest banks are providing us with USD 1.5 bn to finance the construction of the new mazut hydrocracking complex at the Assiut refinery<\/strong>, the Oil Ministry said in a statement<\/a> yesterday. A syndicate of six European banks put pens to paper on the sidelines of the Egypt Petroleum Show yesterday to lend money for the project, which is expected to produce around 2.8 mn tonnes of petroleum products each year.<\/p>\n

What\u2019s mazut? <\/strong>It\u2019s a heavy, low-quality fuel oil that that is particularly thick, usually full of pollutants, and can be burned to produce electricity or fire boilers. The refinery in Assiut will turn this into Euro V-grade diesel<\/strong>, gasoline, and other refined fuels, helping to reduce the amount spent on oil imports. Egypt spent USD 8.3 bn on oil imports during the previous fiscal year, according to official figures. Euro V diesel is the cleanest-burning diesel standard in the world, so the refinery should deliver a net reduction in our national sulfur dioxide and carbon dioxide emissions if the experience at Qalaa Holdings\u2019 Egyptian Refining Company is anything to go by.<\/p>\n

Who is ponying up the money?<\/strong> The funding will be led by Cr\u00e9dit Agricole, which is acting as general coordinator, along with HSBC, which is acting as general agent. UniCredit Italia, BNP Paribas, Soci\u00e9t\u00e9 Generale France, and Italian state lender Cassa Depositi e Prestiti (CDP) round out the list. Italian Export Credit Agency Sace will back the funding. An alliance between the National Bank of Egypt and the National Bank of Kuwait acted as financial advisor.<\/p>\n

The complex has been a while in the making:<\/strong> Initial contracts to establish the facility were signed in early 2020<\/a> with local contractors Enppi and Petrojet and French construction firm Technip, which inked a USD 1 bn EPC contract<\/a> several months later. The complex will be built and operated by the Assiut National Oil Processing Company.<\/p>\n

\n

INVESTMENT WATCH- Apache Egypt expects to spend more than USD 3.5 bn in Egypt <\/strong>over the next five years, <\/strong>Vice-President & General Manager David Chi told Bloomberg Alsharq on the sidelines of the conference (watch, runtime: 2:32<\/a>). The company expects to spend an extra USD 250 mn on Egypt this year, in addition to its annual investments.<\/p>\n

FAST FACT- Apache\u2019s JV here is Egypt\u2019s largest oil producer. <\/strong>The Oil Ministry inked a USD 3.5 bn, 20-year production agreement with the Apache-Sinopec JV in December.<\/a><\/p>\n

\n

Egypt will be receiving newly announced <\/strong>additional natural gas exports<\/a><\/strong> from <\/strong>Israel via a new route through Jordan<\/strong>, rather than the Arish-Ashkelon pipeline that Israel usually uses to ship gas to Egypt, Reuters<\/a> reports. The route is likely the Arab Gas Pipeline<\/a>, Bloomberg<\/a> notes, which runs through Jordan and Syria. The pipeline has been under renovation and is expected to be up and running within weeks.<\/p>\n

Aramco to supply new Ain Sokhna refinery:<\/strong> Saudi Aramco signed an agreement with the Red Sea National Petrochemicals Company for long-term supply of Arabian light crude to the petrochemical complex<\/a> set to be built in Ain Sokhna, according to a ministry statement<\/a>. The Egyptian General Petroleum Corporation also signed a contract with Aramco\u2019s Luberef to import base oil.<\/p>\n

EGPC teams up with Tenaris on digital infrastructure: <\/strong>The Egyptian General Petroleum Corporation (EGPC) signed a memorandum of understanding with manufacturing firm Tenaris, for digital solutions to help the authority plan and manage resources, according to a ministry statement<\/a>.<\/p>\n

Military-affiliated Enppi will cooperate on MENA-based projects with<\/strong> Abu Dhabi\u2019s <\/strong>National Petroleum Construction Company<\/a><\/strong>, after the two firms signed an MoU according to an Oil Ministry statement<\/a>. Ennpi also signed an MoU with US-based Honeywell to boost cooperation on energy conversion, sustainable development, and digital solutions, among several other agreements with local and international firms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Several of Europe\u2019s biggest banks are providing us with USD 1.5 bn to finance the construction of the new mazut hydrocracking complex at the Assiut refinery, the Oil Ministry said in a statement yesterday. A syndicate of six European banks put pens to paper on the sidelines of the Egypt Petroleum Show yesterday to lend […]<\/p>\n","protected":false},"author":1,"featured_media":543772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[948,394,944,943,205,919,93,942,72,819,490,371,947,946,945],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-amcham","tag-aramco","tag-assiut","tag-bnp-paribas","tag-credit-agricole","tag-egyps","tag-energy","tag-enppi","tag-enterpriseam","tag-fuel","tag-hsbc","tag-oil-ministry","tag-red-sea-national-petrochemicals-company","tag-socit-generale-france","tag-unicredit-italia","wpautop","entry"],"acf":{"mongo_id":"b5c99baf-cefd-4b4a-86c1-61b8486ce0fc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/238.jpg","photo_position":"above","related_issue":[543767],"teaser":"","voice_url":""},"yoast_head":"\nDiesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps\" \/>\n<meta property=\"og:description\" content=\"Several of Europe\u2019s biggest banks are providing us with USD 1.5 bn to finance the construction of the new mazut hydrocracking complex at the Assiut refinery, the Oil Ministry said in a statement yesterday. 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The complex will produce around 2.8 mn\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641687,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/28\/oil-minister-discusses-midor-refinery-development-with-technip\/","url_meta":{"origin":543771,"position":1},"title":"Oil Minister discusses MIDOR refinery development with Technip","author":"enterpriseam admin","date":"28 September 2017","format":false,"excerpt":"Oil Minister Tarek El Molla met yesterday with the regional head of Italy\u2019s Technip, Marco Villa, to discuss the company\u2019s progress in expanding the MIDOR refinery near Alexandria and modernizing the Assiut Oil Refining Company\u2019s (ASORC) mazut hydrocracking project, Al Shorouk reports. Villa told El Molla that Technip\u2019s work on\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622831,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/14\/anopc-signs-contracts-to-develop-usd-1-9-bn-fuel-refinery-in-assiut\/","url_meta":{"origin":543771,"position":2},"title":"ANOPC signs contracts to develop USD 1.9 bn fuel refinery in Assiut","author":"enterpriseam admin","date":"14 October 2018","format":false,"excerpt":"Assiut National Oil Processing Company (ANOPC) inked contracts with Italy's Technip and Enppi to build the USD 1.9 bn fuel refinery in Assiut, Al Shorouk reports. The diesel hydrocracking complex, which will convert lower quality heavy fuel into higher quality products such as LPG, naphtha, kerosene and gasoline, will have\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622973,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/17\/anopc-seeks-egp-1-2-bn-in-financing-for-refinery\/","url_meta":{"origin":543771,"position":3},"title":"ANOPC seeks EGP 1.2 bn in financing for refinery","author":"enterpriseam admin","date":"17 October 2018","format":false,"excerpt":"Assiut National Oil Processing Company (ANOPC) is in talks with local banks for a EGP 1.2 bn loan as part of the financing package for a USD 1.9 bn hydrocracking facility being built by subsidiary Assiut Oil Refining Company (ASORC), sources told Al Mal. ANOPC has approached the National Bank\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621759,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/asorc-in-talks-with-local-gulf-banks-for-usd-500-mn-loan-in-financing-for-refinery\/","url_meta":{"origin":543771,"position":4},"title":"ASORC in talks with local, Gulf banks for USD 500 mn loan in financing for refinery","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The Assiut Oil Refining Company (ASORC) is in talks with local and Gulf banks for a USD 500 mn loan as part of the financing package for its USD 1.9 bn hydrocracking facility, unnamed banking sources said, according to Al Shorouk. ANOPC had previously approached the National Bank of Egypt,\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554213,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/23\/healthcare-coverage-growing\/","url_meta":{"origin":543771,"position":5},"title":"Healthcare coverage growing","author":"enterpriseam admin","date":"23 December 2021","format":false,"excerpt":"The Health Ministry is expanding healthcare coverage to another 15 mn people nationwide while the government rolls out its universal health ins. scheme across the country, it said in a statement yesterday. Some 69 mn people will now have access to health ins.(outside of the universal scheme) after the ministry\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543771"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543771\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543772"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543771"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543771"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}