Citadel Capital to raise $2.25bn for oil refinery

The Egyptian private owned company, Citadel Capital will be raising $2.25 billion for an oil refinery, according to the company’s Managing Director, Ahmed El Houssieny.

“We are planning to close very large financing in April, a package of $2.25 billion. I think it is going to be one of the largest transactions undertaken by a private equity firm in Egypt, it’s a greenfield refinery and the value of the project is $2.25bn,” said El Houssieny.

El Houssieny added that the plant will be found and run by Egyptian Refining Company, and expected to be operational by late 2013.

He also said that the change in mix of funding providers, more reliance on developmental financial institutions and multi laterals would be the theme of 2010.

Abdalla El Ebiary, also a Managing Director at Citadel Capital, said his firm is looking into more projects, as investing in three new platform companies, in solid waste management, transportation and agriculture industries.

Citadel Capital currently has $8.3 billion in investments under control in 15 industries, accelerated its deal pace in the later half of last year under a strategy of incrementally building our large deals, said its executives.


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