Deal details
Assiut Oil Refinery Expansion Project - SACE Covering Loan
Description
Assiut National Oil Processing Company "ANOPC" is implementing a new hydrocracking complex (Assiut Hydrocracker Complex, “AHC” “the Project”) with a total investment cost of USD 2,892 Billion which is partially financed by (51%) by a under of the international lenders under SACE cover (“SACE Lenders”) with a total debt amount of USD 1,473.90 Mn. The Project is located next to the existing refinery complex operated by Assiut Oil Refinery Company "ASORC" near Assiut governorate in Upper Egypt. The SACE-backed financing backing the Assiut oil refinery expansion project in Egypt - sponsored by Assiut National Oil Processing Company (ANOPC), a project vehicle established in 2018 by state-owned Egyptian General Petroleum Corp (EGPC)'s subsidiary Assiut Oil Refining Co - signed on 14 February this year.The financing is backed by 100% cover from SACE and composed of:1. USD 772m 100% SACE-covered sovereign risk facility - https://www.tagmydeals.com/Deals/DealData/180172. USD 701.38m 100% SACE-covered financing package in favor of National Bank of Egypt & Banque Misr using a bank-to-bank scheme3. USD 701.38m signed on 25th July between the National Bank of Egypt and Banque Misr (B2 Lenders) and ANOPC as Borrower. The facility was structured as a hybrid between an On Lending facility and a Project Finance to direct the funds borrowed under Tranche B1 to ANOPC with project finance terms, while maintaining the terms of the On Lending facilities, which means that the Tranche B1 is a mirror of Tranche B2 (same amount).
Assets involved
Companies involved
- SACE
- Egyptian General Petroleum Corporation ( EGPC )
- HSBC, Societe Generale, Credit Agricole CIB, Cassa Depositi e Prestiti (CDP), UniCredit
- Linklaters, Reed Smith
- SIMEST
- BNP Paribas, HSBC
- National Bank of Egypt (UK) Ltd
- Enppi, TechnipFMC, Petrojet
- Credit Agricole CIB
- Credit Agricole CIB
- BNP Paribas, Credit Agricole CIB
- HSBC
- Credit Agricole CIB
- Credit Agricole CIB
- Ministry of Finance Egypt
Key information
Assiut National Oil Processing Company (ANOPC)
772$m
11-08-2022
Oil and gas / Oil - Downstream (Refining)
Egypt
Project & Infrastructure Finance
Equipment for a project
Project finance
New finance
Tranche information
SACE Covered Loan
772$
ECA-backed buyer credit
772$m
US Dollar - USD
0
13.5 years
SACE
-
195.0
Participant | role | ticket size |
---|---|---|
Cassa Depositi e Prestiti (CDP) | MLA | 132$m |
Credit Agricole CIB | MLA | 176$m |
HSBC | MLA | 122$m |
Societe Generale | MLA | 69$m |
UniCredit | MLA | 270$m |