{"id":555263,"date":"2021-11-08T04:00:34","date_gmt":"2021-11-08T04:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/methanex-egypt-settles-debt-for-damietta-plant\/"},"modified":"2021-11-08T04:00:34","modified_gmt":"2021-11-08T04:00:34","slug":"methanex-egypt-settles-debt-for-damietta-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/methanex-egypt-settles-debt-for-damietta-plant\/","title":{"rendered":"Methanex Egypt settles debt for Damietta plant"},"content":{"rendered":"

<\/a> Methanex Egypt fully settles USD 530 mn debt ahead of schedule:<\/strong> Canadian-Egyptian methanol producer Methanex<\/a> has fully repaid a USD 530 mn facility before it was due, according to a company statement (pdf)<\/a>. The company used the facility to partially finance its USD 1 bn investment in its Damietta methanol plant, which is Egypt\u2019s sole methanol production facility. The financing for Methanex Egypt was arranged 15 years ago by a consortium of 15 international and two local institutions led by MUFG Bank. Participants included our friends at CIB, APICORP, NBE and Export Development Canada was well as HSBC, NATIXIS, Arab Banking Corporation, among others.<\/p>\n

Foreign investors, watch this space: <\/strong>\u201cEMethanex represents an outstanding model for project financing and joint venture success that the Egyptian oil and gas and petrochemicals sector and [that] the Egyptian business community could benefit from replicating,\u201d said Methanex Egypt Managing Director Mohamed Shindy, noting that the company has \u201cfully met all loan commitments\u201d despite \u201cthe economic challenges following the start-up of our plant \u2026 in 2011.\u201d<\/p>\n

What does Methanex do? <\/strong>The plant in Damietta has a production capacity of up to 1.3 mn tonnes of methanol per year and serves both domestic and export markets. Methanex Egypt is owned 50% by Vancouver headquartered, publicly traded Methanex. State-owned institutions hold 33% of EMethanex, while APICORP owns 17%.<\/p>\n

What can you do with methanol, anyway?<\/strong> Make lots of other things, ranging from adhesives, foams, plywood subfloors and solvents to windshield washer fluid. It\u2019s found in high-performance plastics (such as your favourite tech toys), paints, car parts, building materials \u2014 a rather long list.<\/p>\n

Advisors:<\/strong> Zulficar & Partners were Egyptian counsel to Emethanex, while Slaughter and May did international duties. Lenders were represented locally by Baker McKenzie, while Freshfields Bruckhaus Deringer was international counsel.<\/p>\n","protected":false},"excerpt":{"rendered":"

Methanex Egypt fully settles USD 530 mn debt ahead of schedule: Canadian-Egyptian methanol producer Methanex has fully repaid a USD 530 mn facility before it was due, according to a company statement (pdf). The company used the facility to partially finance its USD 1 bn investment in its Damietta methanol plant, which is Egypt\u2019s sole […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7274],"tags":[88,72,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555263","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"ebab9f5b-0f17-44f1-9e62-4805cc34e42e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555250],"teaser":"","voice_url":""},"yoast_head":"\nMethanex Egypt settles debt for Damietta plant - 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\/2021\/11\/08\/methanex-egypt-settles-debt-for-damietta-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Methanex Egypt settles debt for Damietta plant\" \/>\n<meta property=\"og:description\" content=\"Methanex Egypt fully settles USD 530 mn debt ahead of schedule: Canadian-Egyptian methanol producer Methanex has fully repaid a USD 530 mn facility before it was due, according to a company statement (pdf). 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A shareholder agreement has been signed establishing Misr Methanol and Petrochemicals, which will manufacture methanol, ammonia, and other petrochemicals, the Oil Ministry announced today in a statement.Around USD 1.6 bn will\u2026","rel":"","context":"In "SPEED ROUND: ENERGY"","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596656,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/methanex-egypt-receives-award-for-contributions-to-msme-culture-in-damietta\/","url_meta":{"origin":555263,"position":1},"title":"Methanex Egypt receives award for contributions to MSME culture in Damietta","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"Methanex Egypt has received the International Council for Small Business (ICSB) Humane Entrepreneurship Award for contributions to micro, small and medium-sized enterprises (MSME) culture in Damietta, the company said in a press release (pdf). 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