Egyptian Refining Companys (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 companys
refinery at Mostorod, near Cairo, involved two key
Firstly, the main revenue stream was an off-take arrangement
with Egyptian General Petroleum Company (EGPC), one of the
Takrirs major shareholders.
We were basically looking at the creditworthiness of
EGPC, which is not necessarily where banks want...