Alexandria Refinery Green Project (EBRD-51018)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 16, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Alexandria Petroleum Company (APC)
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 29, 2020

Disclosed by Bank Oct 6, 2020


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Project Description

According to bank documents, the project involves the provision of up to USD 250 million sovereign loan to Alexandria Petroleum Company (APC) to exclusively finance a package of energy and water efficiency investments to modernize and upgrade the refinery with processes capable of producing higher value added products, improving the energy efficiency and the overall performance, as well as reducing the environmental impacts.

The Project will install a number of Resources and Energy efficiency investments (namely Energy Management System, Cooling Water Tower, Emissions Monitoring System), pollution and emissions reduction investments, in addition to implementing an Energy & Water Efficiency Investment Programme (EWEIP) from implementing a Waste Water Treatment as well as other modernization investments.

The Project aims to improve the refinery's efficiency, reduce its energy consumption and overall environmental impact while enhancing the plant productivity from (i) saving emissions of greenhouse gas (GHG) from increasing the refinery's output of higher quality and lower sulphur fuels in line with Euro 5 standards in addition to installing a Continuous Emissions Monitoring System (CEMS); (ii)Reducing the fuel consumption through the installation of Energy Management System (EMS) and a Vapour Recovery Unit (VRU) among other Energy efficiency investments; and (iii) Decreasing the seawater pollution risk and reducing the water usage through the installation of a Waste Water Treatment using Best Available Technology (BAT).

 

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
Contact Information

Dr. Mohamed Hamdy
General Manager Assistant and Deputy Project Manager (APC)
mohamedhamdyabdo@alx-pc.com 

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en 

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html