PICO’s Cheiron Egypt acquires West El Burullus gas concession from Engie - ENTERPRISE

Tuesday, 9 May 2017

PICO Group subsidiary Cheiron Egypt has acquired 100% of Engie’s West El Burullus (WEB) gas concession in a transaction announced yesterday. WEB is located in shallow offshore Mediterranean waters with recoverable reserves of c.200 bcf gas and 3 mn bbl of condensates. 

BNP Paribas, financial advisor on the transaction, said in an emailed statement that “WEB is targeting plateau production of 100 mcf/d with first gas in 2020.” The transaction, it said, supports Engie’s “global strategy to exit E&P sector and focus on renewable energies,” while PICO will diversify its “Egyptian E&P asset base into new geological basins with higher gas component. BNP Paribas invited more than 50 bidders to take part in the process, with more than 10 signing confidentiality agreements. The transaction value has not been released. PICO, which controls assets in Egypt, Romania and Mexico, is owned by the Diab family of Cairo.

Bid To Be A Regional Energy Hub - INVESTING.COM / BNP PARIBAS

Apr 27, 2017 08:19AM ET
By BNP Paribas (Philippe d'Arvisenet) Market Overview

Egypt has laid out its vision to become a regional energy hub following discoveries of large offshore gas reserves in the East Mediterranean. This vision is critical as the energy sector remains the major driver of the country’s balance of payments. Recent developments suggest that Egypt has a clear potential to become a trading and export hub, notably for natural gas. However, the realisation of this ambition will depend on the country’s capacity to mitigate geopolitical, financial and regulatory risks. This should go hand in hand with energy diversification to reduce dependence on gas and sustain anticipated exports.

Israel's Ratio secures $400 mln to fund Leviathan natgas project - REUTERS

JERUSALEM (Reuters), Tue Mar 21, 2017 | 8:02am EDTAri Rabinovitch

Ratio Oil said on Tuesday it has secured up to $400 million to finance its share in the development of the large Leviathan natural gas field offshore Israel.

Ratio holds a 15 percent stake in Leviathan, together with Israel's Delek Group, which has a 45.34 percent share and operator Noble Energy, which holds a 39.66 percent stake.

The partners have approved a first-phase budget of $3.75 billion dollars.

Ratio said it signed financing agreements with a consortium of local and foreign groups, including HSBC and BNP Paribas. 

Egypt's Midor signs $1.2 billion loan agreement - REUTERS

Tue Feb 23, 2016, CAIRO

Feb 23 Egypt's state-owned Middle East Oil Refinery Company (Midor) has signed an initial loan agreement with three banks for $1.2 billion, the state news agency said on Tuesday.

The loan represents around 80 percent of the cost of its $1.4 billion Alexandria refinery lab expansion, while the remaining $230 million will be self-financed, Midor Chairman Mohamed Abdel Aziz said.

The agreement was signed by Abdel Aziz with the heads of a banking consortium that includes French banks Credit Agricole and BNP Paribas and Italy's CDP.

The expansion at Midor aims to increase the company's refining capacity to 160,000 barrels per day (bpd) from 100,000 bpd.

Egypt has struggled with soaring energy bills caused by high subsidies it provides on fuel for its population of more than 80 million.

Credit Agricole, BNP Paribas to finance Egypt's oil refinery expansion - AHRAM ONLINE

Egypt's petroleum minister Tarek El Molla during a 
meeting (Photo: Egyptian Ministry of Petroleum website)

Ahram Online , Monday 4 Jan 2016

Egypt's oil refinery MIDOR will finance its planned expansion, borrowing $1.2 billion from French lenders Credit Agricole and BNP Paribas, a loan that will be guaranteed by the Italian central bank and the Italian export development authority, oil minister Tarek El-Molla told Egyptian state news daily Al-Ahram.

MIDOR signed in April two deals worth $1.4 billion with US-based engineering company UOP to design the expansion of the refinery, raising its capacity to 160,000 barrels per day from 100,000 barrels per day.

The project, which starts this year and will span over three years, would allow Egypt to cut its petroleum product imports and export refined oil products, raising sources of foreign currency, according to Al-Ahram.