Misr Iran Development Bank is planning to contributing $10m to Assiut Oil Refining Company’s loan worth $150m, sources told Al Mal newspaper.

Misr Iran has received a formal invitation from Abu Dhabi Islamic Bank (ADIB) to participate in the loan. The loan that ADIB is working on securing will be directed towards development of one of ASORC’s refineries, increasing its capacity to 2.4m tons of diesel a year.