Assiut National Oil Processing Company "ANOPC" is implementing a new hydrocracking complex (Assiut Hydrocracker Complex, “AHC” “the Project”) with a total investment cost of USD 2,892 Billion which is partially financed by (51%) by a under of the international lenders under SACE cover (“SACE Lenders”) with a total debt amount of USD 1,473.90 Mn. The Project is located next to the existing refinery complex operated by Assiut Oil Refinery Company "ASORC" near Assiut governorate in Upper Egypt. The SACE-backed financing backing the Assiut oil refinery expansion project in Egypt - sponsored by Assiut National Oil Processing Company (ANOPC), a project vehicle established in 2018 by state-owned Egyptian General Petroleum Corp (EGPC)'s subsidiary Assiut Oil Refining Co - signed on 14 February this year.

 The financing is backed by 100% cover from SACE and composed of: 

1. USD 772m 100% SACE-covered sovereign risk facility - https://www.tagmydeals.com/Deals/DealData/18017

2. USD 701.38m 100% SACE-covered financing package in favor of National Bank of Egypt & Banque Misr using a bank-to-bank scheme 

3. USD 701.38m signed on 25th July between the National Bank of Egypt and Banque Misr (B2 Lenders) and ANOPC as Borrower. The facility was structured as a hybrid between an On Lending facility and a Project Finance to direct the funds borrowed under Tranche B1 to ANOPC with project finance terms, while maintaining the terms of the On Lending facilities, which means that the Tranche B1 is a mirror of Tranche B2 (same amount).