Co-Operation Petroleum Company and Misr Petroleum Company have sent a letter to a local banking consortium to double a 10-billion-pound loan in late 2014.
Sources told Al-Mal newspaper that the two companies owned by the Egyptian General Petroleum Corporation EGPC have asked the banks to obtain an additional tranche of the same amount of the previous loan to meet their needs in the field of buying and supplying petroleum products to the local market.
The two companies obtained the old loan from an alliance of 5 banks: National Bank of Egypt NBE, Banque Misr, Commercial International Bank CIB, Arab African and Qatar National for 5 years, and included a $ 550 million foreign currency segment for 4 years. More than 12 other banks participated in covering the required cash.
Co-Operation Petroleum Company and Misr Petroleum Company are buying products of the Egyptian General Petroleum Corporation EGPC and reselling them in the local market. They requested an additional slice of the same loan worth EGP 2 billion at the beginning of last year.
(Source: Almal News)