The Assiut Oil Refining Company (ASORC) has completed talks with local and Gulf banks for a $500 million loan, a part of the $1.9 billion financing package for the mazut hydrocracking complex, banking Sources told Al Shorouk.

The loan will be directed to Assiut National Oil Processing Company (ANOPC), which was recently established in order to establish the complex.

The project’s investments are estimated at $1.9 billion. The complex will receive 2.5 million tons of mazut from ASORC to produce 1.6 million tons of diesel, 402,000 tons of naphtha, 101,000 tons of butane, and 330 tons of sulfur.