IFC supports Melrose Resources operations in Egyptain oil and gas sector
The International Finance Corporation, the private sector arm of the World Bank Group, has announced a $25 million investment in corporate facilities for Melrose Resources plc (Melrose). The investment will finance Melrose’s subsidiaries to support oil and gas operations in Bulgaria and Egypt.
Melrose has ongoing natural gas developments in the El Mansoura concession in Egypt. IFC is making this investment in partnership with commercial banks that will provide another $50 million to these facilities.
Through its subsidiaries, Melrose has 50 percent and 46 percent non-operated interests in Egypt’s El Mansoura and Qantara concessions, both in the onshore Nile Delta. In the El Mansoura area, recent gas discoveries are being brought into production and further appraisal and exploration for gas reserves is ongoing.