Egypt’s Assiut Oil Refining Company (Asorc) has arranged a $500mn loan with local and Gulf banks, according to Egyptian daily newspaper Al Shorouk. The loan will comprise part of $1.9bn project financing being raised for the construction of a hydrocracker alongside Asorc’s 90,000 b/d refinery at Assiut, 320km south of Cairo in the Nile Valley. The hydrocracker will upgrade 2.5mn t/y (45,600 b/d) of heavy fuel oil from the refinery to produce in-demand lighter products including diesel and gasoline.
Asorc recently awarded Australia’s WorleyParsons a four-year project management consultancy (PMC) contract for the project, which suggests start-up of the hydrocracker is expected in 2022. The hydrocracker is one of six upgrading projects underway at Egyptian refineries, including a naphtha reformer at Asorc’s Assiut refinery (MEES, 28 September). (CONTINUED - 130 WORDS)