EGPC, EGAS, and GANOPE signed a letter of intent with the European Bank for Reconstruction and Development (EBRD) to finance a number of energy projects that the state is in need of, reported Egypt Oil & Gas.
Head of GANOPE, Abu Bakr Ibrahim, explained that all projects presented are in the studying phase. Some of the projects presented from the side of the company includes a project focused on exploiting associated gas, produced with the extraction of oil. While, another project involves compound cycle compressors, utilizing the exhaust from compressors to be re-converted to energy.
The bank’s role in this project, however, is purely at the level of funding, explains Ibrahim.
The EBRD had announced in a statement its first loan to Egypt worth $170m, stating that it will be directed towards strengthen safety and environmental standards in the country’s energy sector.