Egyptian Minister of Investments and International Cooperation, Sahar Nasr, has signed a $200 million agreement with Eric Rasmussen, director of natural resources at the European Bank for Reconstruction and Development (EBRD), to provide finance to the Suez Oil Processing Company (SOPC), Egypt Oil & Gas reports.

The signing was attended by the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, and the head of SOPC, Mohamed Eliwa.

The fund will finance a project that includes installing a new vapor recovery unit (VRU), renovating the old coker unit, as well as a number of energy efficiency investments. The project aims to improve SOPC’s operational performance, utilization rate, and environmental footprint, according to the EBRD.

Before the signing, El Molla met with Rasmussen to review the steps taken to turn Egypt into a regional oil and gas trading hub. EBRD officials praised Egypt’s progress in delivering the project. They also affirmed their full support for the project, which will play an important role in finding additional sources to contribute to securing Europe’s natural gas demands.