(2017-12-19) NBE gave Petroneel LE2 bln loan
Last week, the National Bank of Egypt (NBE) signed final contracts to arrange a two billion pound loan for El-Neel Oil Marketing Company (Petroneel) to meet its obligations and pay its customers' receivables from suppliers. The bank's Vice President, Yahya Abul-Fotouh said in statements to Al-Mal newspaper that his lender would manage and cover the new loan on its own and that the repayment would be about 7 years. Abul-Fotouh added that the marketing of a portion of the loan may be in the coming period, and no decision has been taken so far. Petroneel was established in late 2005 as a joint stock company in Assiut. It participates actively in the development of the South Valley community and meets its needs from petroleum products and products, producing and marketing mineral oils in local and foreign markets, setting up service stations and supplying cars In various fields. NBE is currently working on another loan worth more than two billion pounds for PetroTrade which is engaged in commercial petroleum services.