ANOPC General Assembly authorizes Eng. Badr to sign the AHC financing agreement

The unusual General Assembly of the company met on Sunday 12/12/2021 at the headquarters of the Egyptian General Petroleum Corporation

Headed by Eng. Mohamed Badr El-Din Mohamed El-Sayed, Chairman and Managing Director, based on the invitation from the company’s board of directors. The meeting was honored by the presence of Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, and representatives of the company’s shareholders, headed by Eng. Abed Ezz Al Regal representing the Egyptian General Petroleum Corporation, the National Service Projects Organization, Assiut Oil Refining Company, Nile Petroleum Marketing Company, and South Valley Egyptian Petroleum Holding Company, The company’s board of directors, representatives of the Central Auditing Organization, as well as the company’s auditor also attended. The unusual general assembly agreed on the following:

First: Approval of the terms and conditions, terms of the financing agreement for section (A) with 772.5 million US dollars, which is covered by a document from the Italian Export Development Authority with a guarantee from the Egyptian Ministry of Finance under Law No. 74 of 2017 – as the company is a joint borrower with Assiut Oil Refining Company and to act according to This capacity is in everything related to this agreement for the hydrocracking complex project, and this approval includes financing documents, stipulated transactions and export contracts.

Second: Approval of the joint financing contract terms for financing section (B2) with 701.39 million US dollars, granted under the joint financing contract with both the National Bank of Egypt ($440 million) and Banque Misr ($261.39 million).

Third: Approval of the Intercreditor Agreement terms and the Subordinated debt Agreement.

Fourth: Approval of authorizing the Chairman and Managing Director to sign the final financing documents (section A Financing Agreement, section B2 Financing Agreement, Intercreditor Agreement and Subordinated Debt Agreement).