Cairo – Mubasher: The Suez Canal Authority (SCA) has denied seeking to obtain an EUR 300 million loan from GCC banks to buy two new drilling rigs, the SCA’s spokesman Tarek Hassanein said.
This came as a response for a report issued by Reuter on Tuesday, claiming that the SCA is in talks with GCC banks over getting a loan to finance its contract with the Dutch company Royal IHC.
On Tuesday, three banking sources said that the SCA was planning to get the EUR 300 million loan from GCC banks as the Egyptian state-run authority has not reached an agreement with local banks, according to Reuters.
In 2017, the SCA had signed a contract with Royal IHC to build and supply two drilling rigs at a combined value of nearly EUR 300 million. The authority could not strike a loan agreement with local banks to finance its new business.
