Reuters reported that Egypt based private equity firm Citadel Capital a company in which it is an investor was in advanced talks to secure USD 2.35 billion in financing for a refinery project in the Cairo area.

Citadel said that it had a stake of more than 8% has entered an advanced stage of talks with several export credit agencies and international financial institutions to finalize obtaining required financing in loans and facilities worth USD 2.35 billion. It had secured USD 900 million from state run Japan Bank for International Cooperation to help finance the project.

The company said that output from the refinery will be sold to Egyptian General Petroleum Corporation for 25 years at prices matching those in the market.

Meanwhile, Cairo based Citadel controls USD 8.3 billion in investments spanning 14 countries and is looking to expand its investments in the Middle East and east Africa.

(Sourced from Reuters)