{"id":626945,"date":"2018-07-16T03:59:39","date_gmt":"2018-07-16T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/midor-looks-to-afreximbank-adib-for-usd-200-mn-loan-to-finance-refinery-expansions\/"},"modified":"2018-07-16T03:59:39","modified_gmt":"2018-07-16T03:59:39","slug":"midor-looks-to-afreximbank-adib-for-usd-200-mn-loan-to-finance-refinery-expansions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/midor-looks-to-afreximbank-adib-for-usd-200-mn-loan-to-finance-refinery-expansions\/","title":{"rendered":"MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions"},"content":{"rendered":"<p><strong>MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions:<\/strong> The state-owned MIDOR is reportedly in talks with the African Export-Import Bank (Afreximbank) and Abu Dhabi Islamic Bank (ADIB) for a USD 200 mn loan to help finance expansion plans at the company\u2019s refinery, <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=15072018&id=f883e925-3a54-44b9-a85b-332bcb655668\">banking sources tell Al Shorouk<\/a>. MIDOR, which we think is <strong>in line to sell additional equity in the first phase of the government\u2019s privatization program<\/strong>, had <a href=\"https:\/\/enterprise.press\/issues\/2016\/02\/24\/rumor-mill-claims-8-10-ministers-exit-stage-right-ismail-form-new-cabinet\/\">secured a USD 1.2 bn loan<\/a> from France\u2019s Cr\u00e9dit Agricole, BNP Paribas, and Italy\u2019s CDP in 2016 to finance the USD 2.2 bn project, which will expand its refining capacity to 175k barrels of crude per day from a current 115k barrels. The project is being developed by Italy\u2019s Technip, which signed had signed a <a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/10\/midor-signs-usd-1-7-bn-agreement-with-italys-technip-to-maximize-production\/\">USD 1.7 bn agreement with MIDOR<\/a> in June. Afreximbank had <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/15\/foreign-institutions-have-pledged-nearly-usd-3bn-in-freshish-financing\/\">said last week<\/a> that it pledged USD 3 bn in new financing to Egyptian companies.<\/p>\n<p>On a related note, <strong>Afreximbank has been tapped to conduct studies on Egypt\u2019s joint investment fund with Sudan and Ethiopia<\/strong>, Executive Vice President Amr Kamel <a href=\"http:\/\/www.almalnews.com\/Story\/382639\/12\/%D8%A3%D9%81%D8%B1%D9%8A%D9%83%D8%B3%D9%8A%D9%85-%D8%A8%D9%86%D9%83-%D9%8A%D8%B4%D8%A7%D8%B1%D9%83-%D9%81%D9%89-%D8%AF%D8%B1%D8%A7%D8%B3%D8%A9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%89-%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%89-%D8%A7%D9%84%D8%A5%D8%AB%D9%8A%D9%88%D8%A8%D9%89\">tells Al Mal<\/a>. We had been expecting the fund, which is meant to finance infrastructure projects, <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/02\/japan-eases-travel-advisory-for-egypt\/\">earlier this month<\/a>. The idea for the fund came into existence <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/30\/egypt-sudan-ethiopia-set-one-month-deadline-to-resolve-issues-in-gerd-talks\/\">back in January<\/a> when officials from the three countries agreed to begin resolving a gridlock they had reached last year when Ethiopia and Sudan refused to ratify the results of an environmental impact study concluding that the Grand Ethiopian Renaissance Dam would be detrimental for Egypt\u2019s Nile water supply.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions: The state-owned MIDOR is reportedly in talks with the African Export-Import Bank (Afreximbank) and Abu Dhabi Islamic Bank (ADIB) for a USD 200 mn loan to help finance expansion plans at the company\u2019s refinery, banking sources tell Al Shorouk. MIDOR, which [&hellip;]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626945","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ed475586-0711-4066-aefa-a196a82c6b26","order":"0","is_powered_by":true,"section_story_id":"1348c167-4f99-443d-adad-2874bd49c41b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[626934],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions - 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\/2018\/07\/16\/midor-looks-to-afreximbank-adib-for-usd-200-mn-loan-to-finance-refinery-expansions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions\" \/>\n<meta property=\"og:description\" content=\"MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions: The state-owned MIDOR is reportedly in talks with the African Export-Import Bank (Afreximbank) and Abu Dhabi Islamic Bank (ADIB) for a USD 200 mn loan to help finance expansion plans at the company\u2019s refinery, banking sources tell Al Shorouk. 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The loan has a five-year tenor, they added, and Abu Dhabi Islamic Bank (ADIB) acted\u2026","rel":"","context":"In &quot;Energy&quot;","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":622888,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/midor-to-finalize-this-week-usd-1-2-bn-loan-agreement-from-three-eu-banks\/","url_meta":{"origin":626945,"position":1},"title":"MIDOR to finalize this week USD 1.2 bn loan agreement from three EU banks","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"State-owned company Middle East Oil Refinery (MIDOR) has reached a final agreement with Cr\u00e9dit Agricole and BNP Paribas and Italy\u2019s CDP over a USD 1.2 bn loan to finance the USD 2.2 bn-worth of expansions at its refinery, MIDOR Chairman Mohamed Abdel Aziz tells Al Mal. MIDOR had reached a\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623489,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/31\/midor-signs-usd-1-2-bn-loan-agreement-with-three-eu-banks\/","url_meta":{"origin":626945,"position":2},"title":"MIDOR signs USD 1.2 bn loan agreement with three EU banks","author":"enterpriseam admin","date":"31 October 2018","format":false,"excerpt":"State-owned company Middle East Oil Refinery (MIDOR) was meant to have signed yesterday the final contracts for a 10-year USD 1.2 bn syndicated loan from Cr\u00e9dit Agricole, BNP Paribas, and Italy\u2019s CDP, sources said. The loan, which should carry an interest rate of 6%, will be used to finance USD\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627719,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/midor-signs-usd-1-7-bn-agreement-with-italys-technip-to-maximize-production\/","url_meta":{"origin":626945,"position":3},"title":"MIDOR signs USD 1.7 bn agreement with Italy\u2019s Technip to maximize production","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"State-owned MIDOR refinery signed a USD 1.7 bn agreement with Italy\u2019s Technip as part of a USD 2.2 bn project to expand its refining capacity to 175k barrels of crude per day, from 115k barrels, the Oil Ministry announced on Thursday. ENPPI and Petrojet will also take part in the\u2026","rel":"","context":"In &quot;Energy&quot;","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":601342,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/midor-reaches-closure-for-usd-1-2-bn-loan-with-zaki-hashem-as-advisor\/","url_meta":{"origin":626945,"position":4},"title":"MIDOR reaches closure for USD 1.2 bn loan with Zaki Hashem as advisor","author":"enterpriseam admin","date":"26 February 2019","format":false,"excerpt":"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 Cr\u00e9dit Agricole, BNP Paribas and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":567527,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/midor-completes-usd-300-mn-financing-agreement\/","url_meta":{"origin":626945,"position":5},"title":"MIDOR completes USD 300 mn financing agreement","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"The Middle East Oil Refinery (Midor) has secured a USD 300 mn medium-term syndicated loan from CIB and Al Ahli Bank of Kuwait (ABK), according to Al Mal. Midor plans to use the loan to finance its crude oil imports and their working capital.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"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\/626945","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=626945"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626945\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626934"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626945"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626945"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}