The European Bank for Reconstruction and Development (EBRD) has provided Egyptian oil service company Advanced Energy Systems SAE (ADES) with a $28m loan.
The loan will support “a company which applies the best environmental, health and safety (EHS) standards in the local oil and gas industry”.
The cash injection will help the company improve its compliance with the highest EHS standards. Co-founder of ADES Ayman Abbas said this financial expansion is a milestone for the company.
“This will boost the competitive advantage of the private sector oil services companies in the energy sector in Egypt among the multinational and governmental services companies,” Abbas added.
“The ADES expansion plans will unlock production in offshore fields to address the energy crisis in Egypt,” CEO of ADES Mohamed Farouk said. “The enhancement within ADES of EHS processes and corporate governance will be central to these plans and will have a positive impact on the market performance and competitiveness of ADES.”