Cairo, 20/2/2022 -  ANOPC signed a transit loan with a group of local banks worth 350 million dollars to complete its new project. An official said that within a few days, all procedures for the financial closure of the two loans will be done.

The emergency general assemblies of the Assiut Petroleum Refining Company and ANOPC, which was held last December, approved the lenders' agreement, as well as the approval of the loan amounting to 772 million dollars, which was arranged by international banks with the guarantee of the Italian Export Guarantee SAC. The two assemblies also agreed to arrange the rest of the loan with the same amount from local banks.

The two assemblies were attended by Eng. Tarek El-Molla, Minister of Petroleum, Dr. Mohamed Maait, Minister of Finance, and General Mahmoud Sharawy, Minister of Local Development, the authority’s leaders, shareholders and chairmen of Assiut and ANOPC companies. The adoption of the lenders’ agreement to break up the entanglement between the two companies comes as a result of ANOPC taking over the diesel hydrocracking project.

On other hand ,The unusual General Assembly of ANOPC, which was held on November 21, agreed to increase the capital of ANOPC by 115 million dollars, to jump from 860 million dollars to 975 million dollars.

The Petroleum Authority contributes by $69 of $115 million, equivalent to 1391270 shares, which rises the total share of the Authority to 533 million dollars 54.69%.

On other hand ,ANPOC had taken important steps to implement the project, the measures taken to secure the necessary funding, about 1.5 billion dollars, and the steps taken with the Italian Export Development Authority SAC (the guarantor). 

The unusual General Assembly agreed to change some articles to comply with the new investment law No. 4 of 2018.

The aim of establishing a hydrogen cracking complex project on the land of Assiut Governorate, which is the largest oil refining project to be implemented in Upper Egypt, at an investment cost of $2.8 billion, comes in support of the state’s development efforts and programs on the land of Upper Egypt. The state’s resources by using the latest technologies for refining petroleum using hydrocracking technology for low-value mazut to convert it into high-value main petroleum products needed by the local market, mainly diesel with European specifications, high-octane gasoline and butane.