Cairo – Mubasher: Misr Petroleum Co and Cooperative of Petrol (COOP), subsidiaries of the Egyptian General Petroleum Corporation (EGPC), have been in talks with a local banking consortium over obtaining a loan of EGP 10 billion to provide market needs, sources told Almal News.
Both firms will use the new finance to pay part of their $2.3 billion debts owed to foreign oil firms operating in Egypt, the sources forecast.
The two units of EGPC had got a five-year loan of the same value from a banks consortium, including National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Arab African International Bank, and Qatar National Bank (QNB), by the end of 2014, sources noted.
Given the previous loan included a tranche valued at $550 million with a four-year maturity.
