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Basil El-Baz, Chairman & CEO of Egypt Hydrocarbon Corporation, and Founder & Chairman of Egypt Basic Industries Corporation, said: "This facility will be the cornerstone of our plans to develop our petrochemical ability and increase the output of industrial and consumer products, which have historically been imported by Egypt."
Will Rathvon, Global Head, Project & Export Finance, said:
"We are delighted to have won this prestigious mandate. Following our roles as both Mandated Lead Arranger and Financial Adviser to the Export Credit Agency (ECA) of the USA ("US Exim"), on the Egypt Basic Industries Corporation ("EBIC") ammonia project we are pleased to be able to continue this successful relationship with EHC. Egypt is a very important market for HSBC and a core country in our emerging markets Project Finance strategy."
This project financing will represent a landmark transaction for EHC as it establishes itself as a major player in the oil and gas markets in Egypt. EHC's strategy is to develop new downstream oil and gas infrastructure in Egypt at the Ninth Industrial Zone of the Ein Sohkna industrial area. In addition to the Project EHC is also developing Greenfield Ammonium Nitrate, Methanol and projects on the same site, a short distance away from the EBIC Ammonia project. The project financing is expected to reach financial close in 2010.
The EBIC Ammonia project reached financial close in 2005 and is being funded under US Exim and commercial debt structure by a syndicate of international banks. EBIC is expected to achieve Completion early in 2009, ahead of the contracted schedule.
Posted by Husam Odiabat
