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Egypt receives $200m for energy efficiency

Egypt receives $200m for energy efficiency
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Cairo - Mubasher: The Egyptian government and the European Bank for Reconstruction and Development (EBRD) has agreed on a $200 million financing package for major investments in energy efficiency and refurbishment of the oil refinery owned by Suez Oil Processing Company (SOPC).

The agreement aims at supporting the modernisation of Egypt’s oil industry, according to an official statement.

The plant has a capacity of three million tonnes each year, or 68,000 barrels of oil per day (BOPD), and is located at the entrance of the Suez Canal, playing a crucial role in servicing the local market.

The refinery will also undergo an extensive energy efficiency programme, leading to a direct reduction of over 295,000 tonnes of carbon dioxide equivalent (CO2e) each year and estimated yearly savings of 300,000 megawatt hour (MWh) of energy and 384,000 cubic meters of water.