Egypt Hydrocarbon Corporation (EHC) was granted a syndicated loan of $270 million by three Egyptian banks -- Banque Misr, CIB and Ahly United bank. The three banks contributed equally, according to Al-Alam Al-Youm newspaper. The loan is to finance the construction of a new factory of ammonia nitrate, used in mining. The factory will be located in Al-Ain Sukhna, the coastal city east of Cairo. The investment cost of the project is projected to be $400 million. It is the first stage of a petrochemical complex being built by the company.