Oil and gas

The proposed investment package consists of a senior debt investment of up to US$125 million in addition to a mezzanine facility of up to US$25 million to finance the development and operation of a Liquid Bulk Terminal (LBT, the Project) in Sokhna port on Egypt`s Red Sea coast. The project will be developed by Sonker Bunkering Company (Sonker), which was established in 2003 as a petroleum import, storage, handling, bunkering and blending company. Sonker is a public-private partnership jointly owned by Amiral (63%), Misr Petroleum Company (15%), the Egyptian Ministry of Finance (12%) and Cooperative Petroleum Company (10%). The development of the LBT is part of the basin 3 port concession that was signed between DP World Sokhna (DPWS) and the Red Sea Port Authority (RSPA) in 2006 which was further amended and re-signed in March 2015. The project consists of the construction and operation of a dedicated LBT in Sokhna Port, Egypt, with adequate equipment and storage capacity for the handling of Liquefied Petroleum Gas (LPG) and Gasoil imports, berthing of Floating Storage and Regasification Units (FSRU) for LNG imports; and operation of a jetty for import and export of oil and gas products, and chemicals. The project will include the construction of three Gasoil tanks (total capacity of 100,000 m3), three LPG tanks (total capacity of 150,000 m3), a LPG pipeline (4.3 km), a Gasoil pipeline connecting to the national grid via Mina Sadat (37.5 km), and related infrastructure. The LBT will also berth a Floating Storage and Regasification Unit (FSRU) with a storage capacity of 170,000 m3 rented by the Egyptian Natural Gas Holding Company (EGAS) from Hoegh LNG under a five year rental contract. The FSRU arrived in April 2015 and following testing for the LNG pipelines it started operating and feeding the national grid since mid-April 2015. The LBT currently includes an operational jetty and two ammonia tanks. The jetty is a free concrete structure, standing on piles in the water. It is designed to provide access for vessels with a capacity of up to 120,000 deadweight tonnage. The ammonia tanks are for temporary storage of exported ammonia product. Loading and unloading of tankers will take place using loading arms, linking the tank farm to the jetty. The FSRU within the scope of the project will serve as a temporary storage of LNG in its cryogenic tanks, and conduct regasification of the LNG, and compress the natural gas after regasification and deliver the Compressed Natural Gas (CNG) into the national grid pipeline. The FSRU is operated by Hoegh and the pipelines by EGAS. The FSRU will use seawater to heat and evaporate the LNG. After regasification the natural gas is compressed to approximately 80 bar and delivered through loading arms installed on the jetty into the national grid for distribution to the consumers in the country. The FSRU has a regasification capacity of approximately 4 million tons (8 million m3) of LNG per year. The LNG will be delivered to the FSRU by a LNG Carrier (LNGC). The LNGC is moored alongside the FSRU and transfers its cargo load through a number of cryogenic flexible hoses into the tanks of the FSRU. The LNGC has capacity of about 170,000 m3. To enable the safe maneuvering and mooring of the LNGC alongside the FSRU the Basin 3 of Sokhna Port had to be widened through dredging by approximately 70m. The width of the basin on the west side of the jetty after dredging is currently 180 m.

Egypt