Egypt: IFC invests in Pico


Issue 304 - 11 Jul 2015 | 1 minute read

The World Bank’s International Finance Corporation (IFC) is providing a $50m loan to Cheiron Finance Limited, a subsidiary of Egypt’s Pico International Petroleum, in an effort to bolster domestic energy supplies. The loan is part of a $200m financing package arranged by IFC, the European Bank for Reconstruction and Development and HSBC. It will help Pico, one of Egypt’s leading independent producers, expand operations and optimise production at its oil and gas fields in the Gulf of Suez. Those fields help supply Egypt’s oil and natural gas-fired power plants, which provide the vast majority of the country’s electricity.

Tagged with:

Pin Egypt

Want to read more?

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register