Banking consortium arranges $75M loan for Cheiron Egypt
Updated 2/6/2025 4:13:00 PM
Arab Finance: A banking consortium, led by Banque du Caire and comprising Al Baraka Bank Egypt and SAIBANK, has arranged a $75 million syndicated loan to Cheiron Egypt, an arm of the global oil and gas corporation Cheiron, as per an emailed press release.
The loan will finance 45.5% of the total investment costs amounting to $165 million for developing the natural gas field in the West Burullus concession in the Mediterranean.
This financing reflects the consortium’s commitment to invest in Egypt’s oil and gas sector, a critical industry for the country’s economy.
The sector is vital for economic growth and job creation, and this investment supports the ongoing efforts to boost energy production.
Cheiron, which operates over 25 oil and gas fields in Egypt, is the country's third-largest producer of petroleum and gas, with a daily production rate exceeding 130,000 barrels. The company also holds production rights for fields outside of Egypt.
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