The European Bank for Reconstruction and Development (EBRD) announced its provision of a sovereign loan to fund a project by Alexandria Petroleum Company (APC) worth $250 million for upgrading water and energy efficiency at the company’s diesel refinery, a statement by the European bank stated.

According to the bank, the project will install energy management system, cooling water tower, emissions monitoring system, pollution and emissions reduction investments, in addition to implementing an energy and water efficiency investment program (EWEIP) and implementing a waste water treatment as well as other modernization investments.

The project aims to improve the refinery’s efficiency, reduce energy consumption and emissions. It will also raise the quality of fuel according to Euro 5 standards and reduce water usage.

This project comes in line with the Modernization program launched by the Ministry of Petroleum and Mineral Resources. The total cost of the project is worth $647 million.