Citadel to Raise Funds for Egypt Refinery Project

A senior official at Citadel Capital Corp., an Egyptian private equity company with US8.3 billion in investments, said that the company expects to rise US$2.25 billion next quarter to finance building a refinery northeast of Cairo.

The plant, which will be built and run by Egyptian Refining Co., is scheduled to start production in 2014, the official said in an interview in Cairo.

The refinery, based at the Mostorod Petroleum Complex northeast of Cairo, will produce 700,000 tons of high octane gasoline and 2.2 million tons of diesel a year using fuel residue from the adjacent Cairo Oil Refinery Co. - MENA FN