Tuesday, October 13, 2009

Egypt's Citadel to invest $1 bln in petchem plant

DUBAI, Oct 12 (Reuters) - Egyptian private equity company Citadel Capital is leading a consortium that plans to invest $1 billion in equity in a second-stage petrochemicals refinery near Cairo, a top company official said on Monday.

The project has a total value of around $3.5 billion, including $2.25 billion in debt, Ahmed Heikal, chairman and founder of the Cairo-based company, told Reuters on the sidelines of a private equity conference.

Financial closing of the deal is due in February or March early 2010, he added.