Wednesday , December 12 2018

Mideast’s biggest petchem plant a step closer to financing

Bloomberg

Carbon Holdings hopes to finalise financing for its $10.9 billion petrochemical plant by the end of the year, and expects to begin construction of what would be the Middle East’s largest such facility in the third quarter of 2019. The Tahrir Petrochemical Complex, which will be built in Suez Canal Economic Zone, will be finan-ced by equity and a $5.4 billion debt package, Mohamed Hassan, the company’s MD for environment and sustainability, said in an interview.
“We are really close to finalising funding for TPC from lenders and investors,” Hassan said. “We expect to reach financial close by the end of this year.” Carbon Holdings has been working on the plant’s financing for years, and is planning a dual listing on the Egyptian bourse and the London exchange in 2019. Development institutions are the main equity investors in the project.
The African Finance Corp has signed on as an equity investor, but its investment has yet to be finalised. It will also help recruit others.

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