(2017-08-16) NBE, Banque Misr win deal to secure LE3 bln for GPC The National Bank of Egypt (NBE) and Banque Misr have seized a deal to secure EGP 3bn loan in favor of Egypt’s General Petroleum Company (GPC) to finance oil and gas exploration and drilling operations.
GPC’s strategy during the fiscal year 2017/18 aims to implementing replacement and renewal programs at a cost of EGP 99.3 mn and exploration and drilling projects costing EGP 1.757 bn.
The state-owned company operates in exploration, production and development of hydrocarbons.
Sources told Al Mal newspaper that the two state-owned banks started to invite other lenders to participate in securing the financing, adding the loan agreement is expected to be signed within the next few weeks.
Al Mal reported earlier that a banking alliance consisting of 13 lenders has seized a deal to secure a loan worth EGP 5bn in favor of Egypt’s Petroleum Services Petrotrade. The financing will be used to repay the dues of Egyptian General Petroleum Corporation (EGPC).
Sources told Al Mal newspaper that among the consortium members are: The National Bank of Egypt (NBE), Arab African International Bank, CIB, Banque Misr, Banque du Caire, and National Bank of Abu Dhabi.
Egypt aspires to increase local output of oil and gas to meet the mounting demand for energy.
