2018-10-31
 
Egypt's oil ministry said on Wednesday the Midor refinery had signed a final contract for a $ 1.2 billion loan with an alliance of three international banks.
 
The loan comes as part of the company's $ 2.3 billion expansion, the ministry said in a press release obtained by Reuters.
 
Midor, an area of ​​500 acres in the western part of the coastal city of Alexandria, covers about 25 percent of Egypt's domestic consumption of petroleum products.
 
National Bank of Abu Dhabi (NBAD) and National Bank of Egypt (NBAD) provided financial advice to Midor in the loan signed on Wednesday with the Italian CDDB, Credit Agricole and French BNP Paribas banks.
 
The Egyptian General Petroleum Corporation owns about 98 percent of Midor directly and indirectly, while Suez Canal Bank holds 2 percent.