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Egyptian Refining Company closes after revolutionary delay
15 June 2012
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The $3.7 billion debt and equity package backing the construction of the Egyptian Refining Company refinery upgrade project has closed. The deal had weathered the 2008 financial crisis, signed in January 2011, but had to be restructured in the wake of the revolution that took place late that month. More recently, the financing, while heavily reliant on export credit agencies, also had to cope with renewed weakness in the Eurozone.
The lead sponsors on the deal are now Citadel Capital, the developer, with...
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