The Egyptian shareholding Middle East Oil Refinery Company (Midor) signed a $1.2-billion loan agreement with a coalition of three European banks: Credit Agricole, BNP Paribas and Cassa Depositi e Prestiti (CDP SpA).

The deal is meant to support Midor's expansion project which is expected to cost $2.3 billion.

The expansion plan aims at increasing the company's refining capacity.

Petroleum Minister Tareq el Mulla attended the inking ceremony along with his ministry's leadership, Board Chairman of the National Bank of Egypt Hisham Okasha, his deputy Dalia El- Baz and regional director of the First Abu Dhabi Bank-Egypt Ahmed Ismail.

The National Bank of Egypt and National Bank of Abu Dhabi are the financial advisors of the project.