EBRD provides US$200mn loan to modernise oil refinery in North AfricaThursday, 24 May 2018 06:09The finance from EBRD is expected to modernise SOPC refinery to improve its operational performance. The finance from EBRD is expected to modernise the refinery with technical updates to improve its operational performance. The investment is in line with EBRD’s continuous support in boosting the North African country’s oil and gas sector and reducing greenhouse gas emissions and air pollution in Egypt, thus contributing to energy security in the region. Egypt, in spite of having huge refining capacity across Africa, lacks a modern downstream infrastructure to meet its growing domestic demand for petroleum products. Therefore, the North African nation is striving to upgrade its oil and gas refineries and attract energy efficiency investments from the international organisations to achieve a sustainable balance in the energy sector.

Source: The North Africa Journal May 24, 2018 06:00 UTC