Sokhna Port Bunkering Phase III

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The project envisages the construction of a bunkering project at the port of Sokhna, Egypt. The port is located 120 km to the east of Egypt’s capital, Cairo, and first entered operations in 1999. The project constitutes the third phase of the development of Sokhna port, for which DP World Sokhna is the concessionaire, under a contract with the Red Sea Port Authority. The project entails building three gas oil tanks with a total capacity of 100,000 cubic meters, three liquefied petroleum gas (LPG) tanks of 50,000 cubic meters each, a 4.3 km LPG pipeline and a 37.5 km gas oil pipeline. Sonker Bunkering Company SAE is the project company implementing the project and is majority owned at 63 per cent by Amiral Holdings, with Ministry of Finance (Egypt) holding 12 per cent and Egyptian General Petroleum Corporation 25 per cent. Egyptian General Petroleum Corporation has signed a 25-year supply point agreement for the bunkering project. Financial close took place on May 24th 2017. Commercial International Bank (Egypt). International Finance Corporation (IFC) lent $144 million and the financing comprises a $70 million senior A loan, a $22 million mezzanine C loan, and as much as $52 million from the IFC’s managed co-lending portfolio programme, which China’s State Administration for Foreign Exchange is funding on a pilot basis. The $94 million EBRD financing comprises a $72 million senior loan and a $ 22 million mezzanine loan. The rest of the debt package was provided by Commercial International Bank (Egypt). https://ijglobal.com/data/transaction/33931/sokhna-port-bunkering-phase-3-ppp Amiral Holdings is the majority owner in the project company (63%)