officials

Gulf Capital has agreed to provide debt financing to Egyptian petrochemical company Carbon Holdings to support its three major petrochemical projects at Ain Sokna on the Suez Canal.

Gulf Capital will provide AED92m ($25m) convertible, five-year loan facility to Carbon Holding for its petrochemical projects.

Gulf Capital CEO Dr Karim El Solh said: "Carbon Holdings is set to transform the Egyptian petrochemical industry and we are pleased to be working with its visionary management team to realise this ambitious goal.

"Egypt today represents one of the most attractive investment destinations in the Middle East and Gulf Capital is eager to increase its direct investments in the country."

Carbon Holding intends to use the capital support for development of Egypt Hydrocarbon which is a $550m Mining Grade Ammonium Nitrate facility and for its polypropylene production plant, Oriental Petrochemicals.

The financing will also be used to strengthen Capital Holding’s a $7.4bn greenfield naphtha cracker, olefins production complex called Tahrir Petrochemicals and its associated derivative units.

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Gulf Capital’s credit and mezzanine division, Gulf Credit Partners head and managing director Walid Cherif said: "The financing provided by Gulf Capital allows Carbon Holdings to continue developing its projects and to create value for its shareholders without the need to seek new external equity financing."

Image: The five year loan facility offered by Gulf Capital to Carbon is likely to boost the former’s exposure in Egypt. Photo: courtesy of GulfCapital.