Citadel Capital Will Develop Oil Refinery in Egypt
August 9, 2010
Citadel Capital Corp. said one of its units, the Egyptian Refining Co., obtained a $2.6 billion loan to help finance construction of a $3.7 billion oil refinery, reports Bloomberg. The country’s oil refining capacity may double to 66 million tons over the next decade as mostly Asian companies spend $30 billion building new facilities. The refinery, to be built in the greater Cairo area, will produce 4 million tons of refined products when completed, including 2.3 million tons of EURO V diesel, Citadel Capital said. The Egyptian Refining Co. will sell its production to the state-owned Egyptian General Petroleum Corp. under a 25-year agreement at international prices, it said.