Mauritius Commercial Bank Limited (MCB) Acts as Mandated Lead Arranger in Apex’s Egyptian Natural Gas Investment

Mauritius Commercial Bank Limited (MCB) Acts as Mandated Lead Arranger in Apex’s Egyptian Natural Gas Investment

Zaahir Sulliman (MCB): “This landmark transaction demonstrates the ability of MCB (www.MCB.mu) to develop and offer adapted solutions through a wide range of products and services to suit the needs of its clients”

On 10 January 2023, Apex International Energy (Apex), a privately-held independent oil and gas exploration and production company focused on Egypt, announced that it had acquired interests in four concessions in the Western Desert oil producing region of Egypt from IEOC Production B.V. (IEOC), a unit of Eni S.p.A. Two additional concessions will be acquired by Apex after parliamentary approval of extensions, which is expected in the first quarter of 2023. Apex will now own interests in eight Western Desert concessions (six of the eight concessions will be operated by Apex).

The acquisition is being financed in part through a senior secured borrowing base facility with The Mauritius Commercial Bank Limited (‘MCB’) acting as Mandated Lead Arranger, Modelling Bank and Hedging Bank. Prior to financing this project, MCB applied the Equator Principles to proactively identify and mitigate environmental and social risk.

The Head of Specialized Finance, Mr. Zaahir Sulliman, explained : “This landmark transaction further demonstrates the ability of MCB to develop and offer adapted solutions through a wide range