Bank ABC joins consortium providing $550m financing for Cheiron’s Egyptian oil fields
Bank ABC has joined a nine-bank consortium to provide a $550m multi-facility syndicated loan to Cheiron Finance Limited to fund oil and gas development in Egypt, the lender announced.
The financing will fund part of the capital expenditure required to develop Cheiron’s oil fields in the Gulf of Suez and the Western Desert, where the firm holds concession rights granted by the Egyptian government.
HSBC and Mashreq jointly arranged and managed the transaction as Joint Coordinators, Mandated Lead Arrangers, and Bookrunners. The consortium also includes First Abu Dhabi Bank, Al Ahli Bank of Kuwait, Abu Dhabi Commercial Bank, Emirates NBD, Arab Bank, and SBM Bank (Mauritius).
“Our participation reflects Bank ABC’s commitment to investing in projects that strengthen Egypt’s oil and gas sector, as well as our continued dedication to supporting the local economy by providing tailored financing solutions,” said Ahmed Khattab, Head of Corporate and Institutional Banking at Bank ABC Egypt.
Khattab added that the bank intends to expand its corporate financing portfolio and continue participating in syndicated loans, particularly those aligned with Egypt Vision 2030 national projects.
David Chi, Chief Executive Officer of Cheiron, stated that the financing provides the liquidity required to support the company’s expansion plans and increase oil and natural gas production, accelerating the development of the financed fields.
The development plan spans integrated phases covering exploration, appraisal, field development, production, and exports, according to Hassan Sayed, Investment and Finance Director at Cheiron Group. Sayed noted that the project includes drilling new wells and building production platforms to increase capacity, meet domestic demand, and reduce import reliance.
The transaction highlights Bank ABC’s capability to execute large-scale financing transactions for leading institutions, reinforcing its position as a financial partner supporting strategic sectors to contribute to sustainable economic growth in Egypt.
The strategic investment is expected to enable Cheiron to advance its expansion plans, accelerate development activities, increase production, and create new employment opportunities.
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