Sonker Refi

hold

Sonker Bunkering Company (Sonker or the Company) operates a Liquid Bulk Terminal (terminal) in Basin 3 of the Sokhna Port on the Red Sea in Egypt. The expansion of this modern and state-of-the-art terminal was completed in October 2020. Currently, the terminal has a storage capacity to handle 150,000 m3 of liquefied petroleum gas (LPG), 100,000 m3 of gasoil, and 80,000 m3 of ammonia. The imported LPG and gasoil are unloaded from the tankers and temporarily stored onsite before distributed to the underground pipelines of Egyptian General Petroleum Company (EGPC). The neighboring ammonia plant transfers ammonia through underground pipelines for storage onsite before loading into tankers.  IFC plans to raise a debt package of $355 million for Sonker to replace its outstanding debt obligations (partially provided by IFC) with a new and better suited financing. There will be no new expansion of facilities planned as part of IFC’s investment.  Sonker is an existing IFC client with an ESRS disclosed in May 2015. IFC’s ongoing supervision of the existing investment in the Company indicates general compliance with IFC’s environmental and social (E&S) requirements and the associated overall E&S performance is considered satisfactory.