Assiut National Oil Processing Company (ANOPC) is negotiating with local banks in order to obtain a EGP 1.2 billion loan to part-finance the construction of a mazut hydrogen cracking complex, sources told Al Mal.

The company sent a financing request to several national banks, including the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Arab African International Bank (AAIB), HSBC, QNB, and Credit Agricol.

The banks are waiting the project’s financial model, which includes investment costs, financing structures, and the timeframe suggested for repayment, as well as the time assigned for the finance.