The London-based European Bank for Reconstruction & Development announced on 6 October that it will loan $250mn to Egypt’s Alexandria Petroleum Company (APC) to help finance a $647mn upgrade of its aging 99,000 b/d refinery on the Mediterranean coast.

The work will involve installing a vapor recovery unit (VRU), which will reduce emissions from the plant while recovering some products for reprocessing, as well as energy and waste water management systems. (CONTINUED - 258 WORDS)