A banking alliance led by Banque du Caire, in partnership with Arab International Bank (AIB), Al Baraka Bank Egypt, and SAIBANK, has successfully arranged and covered syndicated financing of $75 million for Cheiron Egypt Delta Limited, a subsidiary of the Cheiron Group specializing in oil and gas extraction.

This financing process aims to partially finance up to 45.5% of the total investment cost, which amounts to $165 million, for the development project of the gas field in the West Burullus concession in the Mediterranean, for which the company has obtained the franchise from the Egyptian government.

Cheiron Energy CEO Alan Linn highlighted the importance of the financing process to provide the necessary liquidity for the project in an important step to enhance natural gas production in Egypt and develop the West Burullus gas field. The loan aims to start production from the field, meet the local market’s growing need for natural gas, and reduce dependence on imports.

Linn explained that the West Burullus gas field development project includes several stages, starting from exploration and drilling, up to production and export. The project will also include drilling new wells, establishing production platforms, and extending pipelines to transport gas to processing plants.

Meanwhile, Hussein Abaza, CEO of Banque du Caire, pointed out the vital role played by the Egyptian banking sector in supporting the national economy, as the bank’s participation in this financing comes as a continuation of its pioneering role in supporting the Egyptian economy, especially since the oil and gas sector is one of the most important sectors influencing the Egyptian economy; due to its connection to a large group of industries and intermediate activities.

This joint financing to contribute to investments in the oil and gas sector reflects the great interest that the banks participating in financing this industry give and its importance in supporting the national economy and providing new job opportunities.