ArabFinance: Suez Methanol Derivatives Company is seeking an EGP 1.3 billion loan for its new plant in Damietta, Egypt, Al Mal new website reported on October 20th.
The company is reportedly in talks with Commercial International Bank - Egypt and QNB Al Ahli.
The project will cost a total of $120 million (EGP 1.886 billion), 70% of which will be financed through bank loans and the remainder through the company's capital, unnamed sources told the new portal.
The Arab Petroleum Investments Corporation signed in 2018 a financial structuring mandate with Suez Methanol to finance the development of a formaldehyde and derivatives project in Damietta.
*At press time, the conversion rate is $1 = EGP 15.72
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