Egypt: Project Development Apicorp to Finance Methanol Derivatives Project

Editor: Alexander Stark

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has announced signing a financial structuring mandate with Suez Company for Methanol Derivatives to finance the development of a formaldehyde and derivatives project in Damietta, Egypt.

Related Vendors

Apicorp signed a $ 35- 40 million memorandum for a methanol derivatives project in Egypt.
Apicorp signed a $ 35- 40 million memorandum for a methanol derivatives project in Egypt.
(Source: Pixabay / CC0 )

Dammam/Saudi Arabia — The total project cost is estimated at $ 60 million. The amount of planned debt financing is expected to be worth between $ 35 and $ 40 million.

The plant production is aimed to supply the local market, although certain quantities will be exported in the early years. The Egyptian Minister of Petroleum, Tarek El Molla, witnessed the signing of the mandate and commented that the project came in line with the ministry’s strategy to diversify financing sources of oil projects to reduce the need for hard currency and push forward economic development.

Subscribe to the newsletter now

Don't Miss out on Our Best Content

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy.

Unfold for details of your consent

(ID:45576065)