Commercial International Bank (CIB) studies participating in letters of credit (LC) and letters of guarantee (LG) in which Egyptian Refining Company plans to open for both Egyptian General Petroleum Corporation and Citadel Capital; domestic investors with value to US$ 300 million.
Sources told Amwal Al Ghad that CIB studies participating with US$ 40 to 60 million meant to cover letters of guarantee meeting the liabilities of Egyptian General Petroleum Corporation towards international institutions which are contributing in the establishment of a developed oil refinery.
As being shareholders in the company and providers of a loan in value to EGP 2.6 billion, financial institutions conditioned on Egyptian institutions offering letters of guarantee in case of increasing the investment cost in 4 years so as to cover the increase in the Company’s capital when needed.
Sources told Amwal Al Ghad that Egyptian Refining Company is negotiating with seven banks namely; Commercial International Bank, Banque Misr, Banque du Caire, HSBC, Arab African International Bank, Ahli United Bank and Mashreq Bank to provide the coverage of the guarantee.
