Alexandria Petroleum will obtain financing of $ 250 million from the European Bank for Reconstruction and Development (EBRD), to modernize its refinery in Alexandria in Egypt. This financial contribution from the EBRD will enable the company to better manage the operations of the facility.
Egyptian state-owned Alexandria Petroleum will receive funding worth $ 250 million from the European Bank for Reconstruction and Development (EBRD), as part of the modernization of its refinery in Alexandria. This loan from the financial structure represents part of the $ 647 million intended to improve the energy productivity and water consumption of the refining unit.
According to the EBRD, this funding will now allow the facility’s operations to be managed in accordance with European environmental safety standards, thereby reducing its carbon emissions.
“Improving the quality of the fuel produced by the refinery will reduce greenhouse gas emissions, while the construction of a new wastewater treatment facility will help reduce the risk of water pollution. Added the bank.
The Alexandria refinery was built in 1954 and has a nominal capacity of 100,000 barrels of oil per day. It typically processes light crude oil from the Western Desert and heavy crude oil from Kuwait.
Source Ecofin Agency