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Update – Egypt Refinery(&Coker) to Raise $2.25B

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    basil parmesan

    <Note – Update on the Egypt Ref project that was going have new coker – CRandall>
    Citadel to Raise $2.25 Billion for Egypt Refinery (Update1)

    By Arif Sharif
    Oct. 12, 2009 (Bloomberg) — Citadel Capital, an Egyptian private equity company that has $8.3 billion in investments, plans to conclude a $2.25 billion loan in the first quarter of next year to help finance construction of a $3.5 billion refinery by its Egyptian Refining Co. unit.
    The loan is being provided by a group of banks including Export-Import Bank of Korea and the African Development Bank, Citadel Chairman Ahmed Heikal said in an interview in Dubai today.
    This is a project that we have been working on for four years and we are hoping to conclude that in the middle of the first quarter, Heikal said.
    Citadel Capital plans to make a number of announcements regarding investments in the next three to four months, he said. The investments it is making are getting smaller, with a range between $75 million and $400 million, Heikal said.
    To contact the reporter on this story: Arif Sharif in Dubai at

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