Egyptian Refining Company’s (Takrir) $3.5 billion financing has overcome completion risk and credit support fears, in what is Africa's largest project financing.
The financing for the redevelopment of the company’s refinery at Mostorod, near Cairo, involved two key challenges.
Firstly, the main revenue stream was an off-take arrangement with Egyptian General Petroleum Company (EGPC), one of the Takrir’s major shareholders.
“We were basically looking at the creditworthiness of EGPC, which is not necessarily where banks want...