Alexandria Petroleum (APC) will receive a sovereign loan of up to $250 million from the European Bank for Reconstruction and Development (EBRD) for upgrading its processing units, media reports said.
It is reported that the funds will be used to refurbish the company’s refinery units by boosting their processing capacity. Furthermore, the funds will bolster Alexandria Petroleum’s overall performance and improve its energy efficiency, while cutting down carbon emissions.
The funds will also be used to install resources and energy efficiency investments such as emissions monitoring system, cooling water system and energy management system. The project also includes other investments such as pollution and emissions reduction investments and energy and water efficiency investment programmes as part of waste water treatment investments.
The project expects to boost the company’s efficiency and cut down carbon emissions such as greenhouse gas (GHG) by bolstering its production of lower sulphur fuels in accordance with Euro 5 standards. In addition, the project will also enhance the plants productivity and will also establish a continuous emissions monitoring system.
The other developments of the project include installation of a management system and vapour recovery unit. The wastewater treatment is expected to reduce seawater pollution risks and a commensurate decrease in water usage.
Many international investors have shown interest in Alexandria Petroleum as it has performed well in the last few years.
It is reported that the EBRD will also assist Turkey in combating the Covid-19 pandemic by providing a medical emergency loan. Turkey has witnessed a surge in Corona infections since the past few weeks.