A London-based bank is supporting the modernisation of Egypt’s oil industry with a $50 million (£39m) loan to support energy efficiency investments at a refinery.
Suez Oil Processing Company (SOPC) will use the grant from the European Bank for Reconstruction and Development (EBRD) to improve its refinery’s operational efficiency and introduce cleaner fuel.
The measures are expected to help reduce carbon emissions by around 289,000 tonnes.
The loan follows a previous $200 million (£155m) loan provided by the EBRD in May 2018.
The Bank says in recent years, Egypt has struggled to balance the country’s production, consumption and export of oil and gas and its support to SOPC will help “realign the supply and demand” of higher value added oil products and reduce the need for imports.
It adds: “The EBRD is one of the first international financial institutions involved in the reform of the Egyptian oil and gas sector and has been supporting the country’s attempts to reduce greenhouse gas emissions and air pollution.
“The bank is also supporting Egypt with the implementation of international best practices and standards, helping to increase the competitiveness of the sector and contributing to the country’s energy security.”