Disclosure Notice Regarding Egyptian Refining Company

Citadel Capital is in advanced stages of negotiation for debt package to finance the Egyptian Refining Company (ERC)

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in Africa and the Middle East with US$ 8.3 billion in investments under control, informed the Egyptian Stock Exchange today that it is in advanced negotiations with export credit agencies and development finance institutions for a US$ 2.35 billion financing package for the Egyptian Refining Company (ERC).

ERC is building a state-of-the-art US$ 3.6 billion greenfield second-stage oil refinery in the Greater Cairo Area, which will produce over 4 million tons of refined products when completed, including 2.3 million tons of EURO V diesel, the cleanest fuel of its type in the world.

One of the largest private-sector industrial development projects in Africa, ERC is a partnership between Citadel Capital and its co-investors and EGPC, which owns 15% of the project. EGPC’s Cairo Oil Refinery Company (CORC) will provide ERC with fuel oil as feedstock.

ERC will improve the environmental impact of products produced by the existing CORC units by preventing approximately 93,000 tons of sulfur from being released into the atmosphere of Greater Cairo. ERC will also invest in improvements to CORC’s environmental performance, particularly the emission of greenhouse gases.

In its disclosure notice to the EGX, Citadel Capital also noted that the Egyptian People’s Assembly approved this week the reinstatement of free-zone status for petroleum refineries.


Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2005-2010, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)

g...@qalaaholdings.com (click to reveal this email)

Tel: +20 2 2791-4440 • Fax: +20 22 791-4448
Mobile: +20 16 662-0002