Gov’t signs-off on USD 500 mn Sonker investment - ENTERPRISE / AL MASRY AL YOUM

 Sunday, 7 May 2017

The government signed an agreement activating the financing of Sonker’s liquid bulk terminal in Ain Sokhna, Al Masry Al Youm reported. 

Sonker is investing USD 500 mn to construct and operate a bulk-liquids terminal for the import and storage of gasoil and LPG in the third basin of Ain Sokhna Port. 

USD 320 mn of the project’s cost is being financed by IFC, EBRD and CIB. 

Amiral is providing the rest of the financing.

EBRD: $341 million loan to upgrade Egypt’s oil and gas infrastructure - ENERGY EGYPT / EBRD

Tanker Ship Application & Tank Farm Terminal

February 7, 2016

The European Bank for Reconstruction and Development (EBRD): The funds will be used to construct and operate a bulk-liquids terminal.

A US$ 341 million facility to Sonker, an Egyptian company providing hydrocarbon storage and bunkering, will support a significant upgrade of the country’s oil and gas infrastructure and will contribute to the energy security of Egypt.

As part of a consortium, the EBRD is extending a US$ 72 million senior loan and a US$ 22 million mezzanine loan to the company, while the International Finance Corporation (IFC), a member of the World Bank Group, is providing a US$ 70 million senior loan along with a US$ 22 million mezzanine loan and mobilising US$52.5 million from other investors. In addition, the Commercial International Bank (CIB) of Egypt, the country’s largest private-sector bank, is availing with US$ 28 million and the equivalent of US$ 44 million in Egyptian pounds loan as well as a US$ 30 million Credit Support Instrument Facility.