The European Bank for Reconstruction and Development ( EBRD) is providing local petrochemicals producer, Carbon Holdings, with a $11m loan. The funds will be used to improve standards beyond the current industry level in order to meet international ISO certification standards at Egyptian Hydrocarbon Corporation (EHC). EHC is one of Carbon Holdings’ operating companies.
Additionally, the company will work on upgrading its approach to energy efficiency management and reducing N2O emissions to below European Union Best Available Techniques levels at EHC, according to EBRD Press Release .
On the basis of improved environmental performance, the company will also acquire a majority stake in EHC. Carbon Holdings is a developer, acquirer and operator of midstream and downstream petrochemicals companies in the Ain Sokhna industrial zone in the Northwest Gulf of Suez in Egypt.
Carbon Holdings’ CEO, Basil El-Baz, stated “Carbon Holdings designs, constructs and operates all of its projects in compliance with the highest industrial standards imposed by the government of Egypt and the World Bank Group guidelines. This transaction with EBRD affords us the ability to achieve an even higher level of environmental standard and efficiency at EHC and we are delighted to have this opportunity. The EBRD has been a target partner for Carbon Holdings and we are very pleased to be able to close this transaction with them, which we hope will lead to greater cooperation in the future”.