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Oil & Gas

EBRD offers SUMED $100 million in funding

Posted: August 15, 2016 at 8:24 pm   /   by   /   comments (0)

sumedThe European Bank for Reconstruction and Development (EBRD) has offered the Arab Petroleum Pipelines Company (SUMED) USD 100 mn in funding to build a pier and facilities to handle petroleum products at Ain Sokhna, according to Al Mal.

The loan of offer reportedly carries a 10-year maturity. SUMED has recently signed a funding agreement worth EGP 100 mn for the project with NBE.

Sources tell Al Mal the company is also considering rival financing offers from bank consortia including NBE, CIB, Banque Misr, Arab African International Bank, and National Bank of Abu Dhabi. SUMED requires around USD 255 mn in financing in order to complete the project.

(Source: Enterprise.press)

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