NBE signs EGP 1.98 bln loan with Alexandria National Refine and Petrochemical

10-Jun-16

The National Bank of Egypt (NBE) has signed a loan worth EGP 1.98 bln with the Alexandria National Refine and Petrochemicals. The 9 year loan is earmarked to establish a naphtha and continuous catalyst regeneration unit with a capacity of 850,000 tpa. The loan will be used to finance 72% of the total investment cost to set up a project to improve naphtha and continuous catalyst regeneration to produce high-octane gasoline, 92 and 95. The total cost of the project is estimated at EGP 780.2 bln. NBE Deputy Chairperson Mahmoud Montasser said the contract will reflect on the state’s resource of foreign currency, where it is expected to generate US$415 mln per year, as Egypt used to bear that figure to import the quantities that will be locally produced. The expansions will be undertaken by the company and would double its production of high-quality octane. The new unit will be adding about 850,000 tpa, in addition to 12,000 tons of butane gas, which will help cover a large part of the demand for gasoline and LPG in the domestic market. Production is scheduled to begin in H2-2018.

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