Cyprus moving towards a second fuel storage terminal - CYPRUS MAIL

May 28, 2017

Discussions between the Cyprus Organisation for Storage and Management of Oil Stocks (KODAP) and the European Investment Bank (EIB) for the financing of a fuel storage terminal are progressing smoothly, KODAP President Panagiotis Malekos has told Cyprus News Agency (CNA).

Malekos said EIB officials visited Cyprus for a main evaluation mission in early 2017, adding the process is expected to conclude in the coming months with the final loan approval.

The state-owned fuel storage terminal’s cost is expected to exceed €40 million and construction works are expected to begin at the end of 2017 or early 2018. This will be Cyprus’ second storage terminal following the operation of a private-owned terminal operated by VTTV, a subsidiary of VTTI, in Vasilikos.

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.