{"id":660226,"date":"2025-02-09T00:00:00","date_gmt":"2025-02-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/09\/cheiron-energy-secures-usd-75-mn-syndicated-loan\/"},"modified":"2025-02-09T00:00:00","modified_gmt":"2025-02-09T00:00:00","slug":"cheiron-energy-secures-usd-75-mn-syndicated-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/09\/cheiron-energy-secures-usd-75-mn-syndicated-loan\/","title":{"rendered":"Cheiron Energy secures USD 75 mn syndicated loan"},"content":{"rendered":"

DEBT<\/p>\n

#1- <\/strong>Banking s<\/strong>yndicate <\/strong>arranges USD 75 mn in financing for <\/strong>Cheiron Energy<\/a><\/strong>: <\/strong>A Banque du Caire-led banking syndicate that includes Al Baraka Bank Egypt, the Arab International Bank, and SAIB Bank has arranged a USD 75 mn loan for Cheiron Energy, according to a statement (pdf)<\/a>. The financing will support 45.5% of the investment costs for the development of its West El Burullus gas field in the Mediterranean.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

\n

#2- <\/strong>EBRD<\/strong> disburses <\/strong>USD 22.6 mn to fund <\/strong>Hassan Allam<\/strong> Construction\u2019s capital increase: <\/strong>The European Bank for Reconstruction and Development (EBRD) approved<\/a> a USD 22.6 mn four-year loan to fund a capital increase for Hassan Allam Holding subsidiary Hassan Allam Construction to help it deliver on its backlog of projects by providing working capital.<\/p>\n

ENERGY-<\/p>\n

BP\u2019s re<\/strong>cent discovery at its King Mariout offshore concession could hold up to <\/strong>4 <\/strong>tn<\/strong> cubic feet of natural gas<\/strong>, according to early estimates cited by two unnamed government officials that spoke to Asharq Business<\/a>. A second well in the concession due to be completed in the second quarter of the year will provide a more accurate figure, one of the sources said. Prime Minister Moustafa Madbouly said that the discovery could be the first of several finds in the area when he first announced the find during last week\u2019s presser<\/a>.<\/p>\n

If estimates are correct, this would be a substantial find<\/strong>, but still a long way away from Eni\u2019s supergiant Zohr field that the Italian energy player still estimates<\/a> to hold 30 tn cubic feet.<\/p>\n

Negotiations are already underway to try to kick off production in 3Q 2025<\/strong>, with the Egyptian Natural Gas Holding Company (EGAS) in talks with the multinational energy giant to sort out the required facilities to start production, one official told the regional outlet.<\/p>\n

MANUFACTURING-<\/p>\n

#1- Orascom Industrial Parks is setting up a 3.5 mn sqm industrial zone <\/strong>in Ain Sokhna with projected investments of EGP 7 bn over the next ten years, CEO Amr El Batrik told Asharq Business<\/a>. The new zone will focus on green industries, including green hydrogen production and related components, and other export-oriented industries.<\/p>\n

\n

#2- The Industry Ministry has allocated 30 mn sqm in Ras El Hekma for an industrial <\/strong>zone<\/strong>, Industry Ministry Kamel El Wazir said<\/a>, adding that the ministry is working on setting up three other zones across the country \u2014 in Borg El Arab, New Alamein, and Matrouh. <\/p>\n

AND- <\/strong>The government has broken ground on the Ras El Hekma airport, which will support tourism, industry, and real estate in the area. The government began choosing sites for the airport last year<\/a>. <\/p>\n

BANKING- <\/p>\n

CIB cuts rates on its high-yield CDs: <\/strong>CIB has cut interest rates on its local currency, high-yield CDs by 3 percentage points, according to its webs<\/a>ite<\/a>. CIB has lowered interest rates on its premium, plus, and prime three-year fixed-rate CDs by 3 percentage points to 17%, 16%, and 15%, respectively. The lender last cut rates on its CDs last October<\/a>. <\/p>\n

INVESTMENT-<\/p>\n

Cleopatra to enter the oil sector in 2025: <\/strong>Cleopatra Group plans to invest EGP 12 bn this year to expand into the energy sector as well as strengthen its ceramics, porcelain, and tourism projects, chairman Mohamed Abou El Enein told Asharq Business<\/a>. The group also plans to inaugurate a tile factory with an EGP 6 bn investment and launch four new hotels with a total of 2k rooms this year. <\/p>\n

PHARMA-<\/p>\n

#1- <\/strong>Servi<\/strong>er Egypt launc<\/strong>hes new EUR 1.4 mn production line: <\/strong>French pharma giant Servier\u2019s Egypt arm has inaugurated a new packaging and filling line at its 6th of October facility, the company announced at a press conference attended by EnterpriseAM. With this expansion, Servier\u2019s total investments in Egypt reaches EGP 1.6 bn, said World Operations Executive Vice President Stephane Mascarau.<\/p>\n

The details: <\/strong>The company aims to double its production capacity in Egypt to 50 mn units annually by 2030, up from a current 25 mn units. The company also plans to double its sales to around EUR 80 mn by 2030, said General Manager Sami Sinnuqrut. <\/p>\n

\n

#2- PharmaOvers<\/strong>eas distributors gain access to digital payments:<\/strong> Alexandria-based PharmaOverseas<\/a> partnered with Fawry to provide its network of pharmacies and suppliers with access to digital payment solutions, according to a statement (pdf)<\/a>. \u201c[Fawry\u2019s] services will add value to our operations and customers, helping us achieve our vision of adopting innovative technologies,\u201d PharmaOverseas Chairman Mohab Gazzarine said.<\/p>\n

STARTUPS-<\/p>\n

Keheilan la<\/strong>unched Middle East-<\/strong>focused<\/strong> USD 100 mn secondary investment fund:<\/strong> The Netherlands\u2019 Keheilan Asset Management has launched a USD 100 mn secondary investment fund focused on startups in Egypt and the Middle East, Group CEO Ahmed Abdelhamid told Asharq Business<\/a>. The fund, targeting growth-stage startups with valuations over USD 100 mn, will allocate 20% to the Egyptian market, with the entire fund expected to be deployed within two years. <\/p>\n

MSMES-<\/p>\n

FRA raises maximum credit limit for micro enterprises:<\/strong> The Financial Regulatory Authority (FRA) has raised the borrowing limit for micro enterprises by 10% to EGP 266k. The FRA last increased the maximum credit limit<\/a> for micro enterprises in 2024, raising it to EGP 242k. <\/p>\n

AI-<\/p>\n

Compass Capital completes AI-focused program with MIT: <\/strong>Private equity firm Compass Capital wrapped up its four-month program with MIT\u2019s Sloan School of Management to enhance its AI-driven optimizations in workflows, data analysis, and decision-making processes, according to a statement (pdf)<\/a>. The program concluded with a two-week on-site visit to the Compass offices, where the MIT team presented actionable AI integration recommendations in data organization, data analysis and decision-making, routine tasks automation, risk management, investment research, and process efficiency optimization.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS- FRA raises maximum credit limit for micro 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syndicated loan to expand operations","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1023.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564954,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/09\/cheiron-cairn-to-acquire-shell-egypts-onshore-assets\/","url_meta":{"origin":660226,"position":1},"title":"Cheiron, Cairn to acquire Shell Egypt\u2019s onshore assets","author":"enterpriseam admin","date":"9 March 2021","format":false,"excerpt":"Cheiron, Cairn to acquire Shell assets in a transaction worth up to USD 926 mn: Shell has agreed to sell its assets in the Western Desert to our friends at Egypt\u2019s Cheiron Petroleum Corporation and UK-listed Cairn Energy for up to USD 926 mn, the Dutch energy giant said in\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/428.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557608,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/cheiron-cairn-energy-acquire-shells-western-desert-assets\/","url_meta":{"origin":660226,"position":2},"title":"Cheiron, Cairn Energy acquire Shell\u2019s Western Desert assets","author":"enterpriseam admin","date":"26 September 2021","format":false,"excerpt":"Shell is out of the Western Desert: Cheiron and partner Cairn Energy have acquired Shell\u2019s oil and gas assets in the Western Desert under an agreement in March that could be worth up to USD 926 mn, the three companies announced in separate statements on Friday (here (pdf), here and\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\/2021\/9\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557152,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/cairn-energy-expects-to-finalize-shell-egypt-acquisition-by-end-of-september\/","url_meta":{"origin":660226,"position":3},"title":"Cairn Energy expects to finalize Shell Egypt acquisition by end of September","author":"enterpriseam admin","date":"8 September 2021","format":false,"excerpt":"Cairn, Cheiron could replace Shell in the Western Desert before the month is out: Cairn Energy and partner Cheiron expect to finalize its takeover of Shell Egypt\u2019s onshore oil and gas assets by the end of September, Cairn said yesterday (pdf). The joint acquisition, which will see the assets split\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547706,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan\/","url_meta":{"origin":660226,"position":4},"title":"FAB + Europe Arab Bank to contribute to Elsewedy\u2019s USD 150 mn IFC loan","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"More details on the IFC\u2019s USD 150 mn loan to Elsewedy Electric: First Abu Dhabi Bank and Europe Arab Bank are participating in the USD 150 mn loan from the International Finance Corporation (IFC) to Elsewedy Electric, the IFC said in a statement (pdf) last week. Elsewedy will mainly direct\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":693553,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/15\/hassan-allam-utilities-secures-usd-65-mn-ebrd-loan-for-benban-solar-plant\/","url_meta":{"origin":660226,"position":5},"title":"Hassan Allam Utilities secures USD 65 mn EBRD loan for Benban solar plant","author":"enterpriseam admin","date":"15 April 2026","format":false,"excerpt":"The Nefer Benban facility is part of a solar and battery storage complex agreed upon last year","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/346.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/660226","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=660226"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/660226\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/660208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/660227"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=660226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=660226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=660226"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=660226"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=660226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}