Cairo - Mubasher: Egypt has signed a $1.5 billion facility agreement with six banks and international financial institutions to finance a hydrocracking complex in Assiut governorate.
The agreement was reached with Italy's CDP Foundation, Crédit Agricole, UniCredit Group, HSBC Bank Middle East, BNP Paribas, and Société Générale Group, according to a statement on Wednesday.
The agreement was signed during the Egypt Petroleum Show (EGYPS 2022), being held on 14-16 February 2022.
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that the complex converts diesel produced from the refining operations at Assiut Oil Refining (ASORC) into high-valued petroleum products.
The complex is in line with the strategy of the Ministry of Petroleum and Mineral Resources to modernise the refining sector to achieve self-sufficiency and adhere to international environmental requirements.
