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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...

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