The Assiut Oil Refining Company (ASORC) signed an agreement with the National Bank of Egypt (NBE) on April 4th regarding a $100 million loan from China Development Bank, Egypt Oil & Gas reports.

The original loan was taken out by the ASORC to finance upgrades to its refinery, including the installation of  Continuous Catalytic Reforming (CCR) unit which will produce high-grade octane.

The ASORC-NBE agreement was signed by ASORC Head, Nagy Kassab, and NBE’s Vice Chairman, Yehia Abu Elfotouh in the attendance of Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla.

Kassab stated that ASORC will also provide a $64 million contribution towards the project. This will allow for the construction of two electricity power plants, a power transformer station, six storage warehouses for products and feedstocks, sewage and water treatment units, steam and nitrogen-free water production and storage, air production, and control building.

It was also announced that the project’s general contractor will be Engineering for the Petroleum & Process Industries (Enppi).