Thursday 4 February 2016

$341m for Egypt’s oil and gas sector

$341m for Egypt’s oil and gas sector

A loan worth $341 million (£238.7m) will allow Egypt to upgrade its oil and gas infrastructures.

Local company Sonker will use the funds to construct and operate a bulk-liquids terminal to import and storage gasoil and ensure the country’s energy security.

The new infrastructure will dock two floating storage facilities and connect LNG imports to the nearest national gas grid.

The loan comes from the European Bank for Reconstruction and Development(EBRD), the World Bank and the Commercial International Bank. They are providing $94 million (£65.8m), $144.5 million (£101.1m) and $102 million (£71.4m) respectively.

Eric Rasmussen, EBRD Director for Natural Resources, said: "The investments will increase energy security by increasing capacity and introducing the highest quality and environmental standards. A more efficient operation will reduce cost and benefit the environment.”

Written by

Bruna Pinhoni

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