MIDOR seeks $1.2 billion facility to fund expansion plans
Middle East Oil Refinery (MIDOR) renewed its request for a USD 1.2 bn loan from a banking consortium including Italian bank Cassa Depositi e Prestiti (CDP), BNP Paribas and Crédit Agricole, a source tells Al Mal. The loan is set to finance expansion plans for its refineries, as it wants to bring its refining capacity up by 15% y-o-y in FY2017 to 39 mn bbl of refined crude. The facility is expected to be signed before year-end. A preliminary agreement had been signed last year. MIDOR then obtained a funding guarantee from the Italian Export Credit Agency.