CDP Group has finalised a financing transaction worth 1.2 Billion in support of TechnipFMC, through its Italian subsidiary, and about 100 Italian Oil&Gas SMEs involved in the realisation of MIDOR (Middle East Oil Refinery) refinery in Alexandria, Egypt.
The announcement was made today, following the closing celebration ceremony organized in Cairo, in the presence, among others, of the Egyptian Ministry of Oil Tarek El Molla, the Italian Ambassador in Egypt Giampaolo Cantini, and the CEO of SACE Alessandro Decio.
The transaction benefits from the integrated action of both societies of CDP export and internationalization Hub: the funding was entirely guaranteed by SACE, benefitted of SIMEST interest rate stabilization, and granted by CDP, Crédit Agricole CIB and BNP Paribas Fortis S.A./N.V. – both acting as mandated lead arrangers. In particular, Crédit Agricole CIB acts as the Global Coordinator and Documentation Bank, while BNP Paribas acts as Facility Agent for the operation.
The successful tenderer, TechnipFMC, is a world leader in Subsea, Onshore, Offshore and Surface technologies. The realisation of the work will involve about one hundred of Italian SMEs as sub-contractors. The deal is part of a bigger project of 2.2 Billion dollars, which will improve and increase the production capacity of the refinery by 60%, already considered the most advanced of the African continent, with the aim to serve and satisfy both the domestic and foreign demand. Through this initiative, CDP Group confirms its commitment alongside Italian firms, sustaining them, with insurance and financial solutions, in the awarding and execution of relevant international contracts, in high potential markets for Made in Italy.