Menu Sectors
Project Finance Copying and distributing are prohibited without permission of the publisher

Oil & Gas

17 December 2010

ERC financial close delayed by equity Financial close for the Egyptian Refining Company’s (ERC) $3.7 billion second-stage oil refinery in the Greater Cairo area is expected before the end of 2010, having been held up by changes to the project’s equity. Financing documentation was sign­ed 9 August with financial close ex­pect­ed mid-October. The deal’s lead sponsor is Egyptian pri­vate equity firm Citadel Capital, which together with a range of co-investors holds 85% in the SPV. Amongst those investors are Swicorp Joussour and IFC, the latter of which secured approval for a $120 million stake. The full list of share­holders will be known at financial close. EGPC is expected to increase its 15% stake in the project and is likely to be joined by other public sector entities. The equity changes will not affect the project financing because the documentation sets out clearly defined criteria for new equity partners. New participants will either contribute...

Latest Deals Database updates

Reading Civic Centre Update date 17/04/2014
Sector Social Infrastructure/PPP/P3/PFI > Social Housing
Country Europe - EU > UK
Total Debt Loan Amount
Status Preferred bidder
El Limon-Guajes Gold Update date 17/04/2014
Sector Mining/Metals > Metals
Country Latin America > Mexico
Total Debt Loan Amount
Status Finance mandated
Highway 407 East (Phase 2) Update date 17/04/2014
Sector Transport > Highway maintenance
Country North America > USA
Total Debt Loan Amount
Status RFP
Change font size: Switch to default font size Switch to medium font size Switch to large font size