Citadel Capital Closes $3.7 Billion Financing for Refinery
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Citadel Capital SAE said it closed financing for a $3.7 billion petroleum refinery near Cairo, a project it said will cut the country’s diesel imports by half.
The financing package for Egyptian Refining Co. includes $2.6 billion of debt, already finalized in August 2010, and $1.1 billion of equity from investors led by Qatar Petroleum International with $363 million, or a 27.9 percent holding, and Egyptian General Petroleum Corp. with $270 million, or a 23.8 percent stake, the Cairo-based firm said in an e-mailed statement today.