The European Bank for Reconstruction and Development (EBRD) is provisioning a loan of approximately $200 million to be issued to the Suez Oil Processing Company (SOPC). The loan is designated to finance a number of energy efficiency investments, as well as installations and refurbishments at the Suez refinery, Egypt Oil & Gas reports.

The loan concept has been reviewed and March 28th, 2018 was declared as the target board date.

“The project will focus on the installation of a New Vapour Recovery Unit (VRU), the refurbishment of the old coker unit and a number of energy efficiency investments, identified to improve operational performance, environmental footprint, and utilisation rate of the refinery,” the bank announced.

SOPC’s projects will improve the social and environmental performance of the Suez refinery by decreasing air emissions and improving energy efficiency, which will ultimately decrease greenhouse gas (GHG) emissions.