The European Bank for Reconstruction and Development (EBRD) is set to grant the Alexandria Petroleum Company (APC) a sovereign loan of up to $250m.
The loan will exclusively finance a package of energy and water efficiency investments to modernise and upgrade the APC’s refinery with processes capable of producing higher value added products.
The loan aims to improve the company’s energy efficiency and overall performance, whilst also reducing the environmental impacts of its processes.
The project will install a number of Resources and Energy efficiency investments, namely Energy Management System, Cooling Water Tower, and an Emissions Monitoring System. This will be put in place alongside pollution and emissions reduction investments, in addition to implementing an Energy & Water Efficiency Investment Programme (EWEIP) as part of Waste Water Treatment and other modernisation investments.
The project aims to improve the refinery’s efficiency, reduce its energy consumption and overall environmental impact, while enhancing the plant’s productivity. It will reduce emissions of greenhouse gas (GHG) by increasing the refinery’s output of higher quality and lower sulphur fuels, in line with Euro 5 standards, in addition to installing a Continuous Emissions Monitoring System (CEMS).
Additionally, the project will reduce fuel consumption by installing Energy Management System (EMS) and a Vapour Recovery Unit (VRU), among other Energy efficiency investments. There is also set to be a decrease in the seawater pollution risk and a commensurate decrease in water usage through the installation of a Waste Water Treatment using Best Available Technology (BAT).