Cheiron Egypt Secures $75 Million Loan for Mediterranean Gas Field Development
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Alaina
- . February 7, 2025
- . Update: February 7, 2025 7:00 pm
Cheiron Egypt Delta Ltd secured a $75 million international loan to design and construct the WEB offshore gas facilities in the Mediterranean Sea. Four Egyptian banks arranged a $75 million loan to support development of the $165 million WEB field project. The facility consists of USD 30 million and EGP 2.2 billion denominations from both US dollars and Egyptian pounds.
Banque du Caire took the lead to arrange this loan facility along with Al Baraka Bank Egypt, Arab International Bank (AIB), and Société Arabe Internationale de Banche (SAIB) as mandated lead managers. Through this partnership Al Baraka Bank invested $20 million into the facility. Baker McKenzie delivered legal guidance to the project while Environment & Development Group selected the environmental consultant team.
Allan Linn from Cheiron said their recent funding will help Egypt produce more gas and bring in less import supplies. The government allowed the organization to examine and transfer gas from Egyptian natural gas fields starting in January 2023.
The project includes building oil wells and gas production stations then adding underground pipes to connect fuel sites with processing plants. Cheiron runs 25 North Egyptian facilities that collect more than 130,000 barrels of oil per day. The project will support stronger national energy consumption needs in Egypt.