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Tag: NBE

TAQA Arabia, National Bank of Egypt sign EGP 916mn financing contracts

Posted: June 5, 2021 at 12:09 pm   /   Oil & Gas

Abou Elfotouh: “NBE strives hard to support projects that aim to maintain the State’s economic stability, by securing strategic commodities, including petroleum products.” Kafafi: “Throughout our expansion plan, TAQA Arabia seeks to reach 200 CNG stations by 2023.“ Mofeed: “TAQA Arabia values the fruitful cooperation with NBE; Egypt’s largest financial institution in digitizing our services […]

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EGPC to borrow $850 million from domestic banks to repay IOCs

Posted: May 27, 2018 at 7:32 pm   /   Oil & Gas

EGPC set to receive USD 850 mn in financing from domestic banking consortium to repay IOCs? The Finance Ministry has reportedly agreed to issue letters of guarantee for two loans to the EGPC worth a combined USD 850 mn, sources close to the matter tell Al Mal. The funding, which will be used to repay […]

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NBE to manage Zohr gas field's foreign currency transactions

Posted: January 21, 2018 at 8:00 pm   /   Oil & Gas

The National Bank of Egypt (NBE) signed a contract Thursday to manage the cash receipts in foreign currency from the giant offshore Zohr gas field in the Mediterranean through accounts in the bank. This came during a ceremony that was attended by NBE’s chairman Hisham Okasha, Chief Executive Officer of the Egyptian General Petroleum Corporation […]

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Co-Op, Misr Petroleum seek to double EGP 10 billion loan

Posted: January 8, 2018 at 1:39 pm   /   Oil & Gas

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 […]

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East Mediterranean Gas Company loses appeal, to pay $174 million in debt

Posted: November 13, 2017 at 12:50 pm   /   Oil & Gas

Court orders East Mediterranean Gas Company to pay $174 mln in debt to Egypt’s National Bank. Egypt’s Court of Cassation has rejected an appeal by the East Mediterranean Gas Company against a 2016 ruling obliging the company to pay off $174 million in debt to Egypt’s National Bank. The company was founded and previously headed […]

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GPC to secure EGP 2.3 billion loan from six-bank consortium

Posted: October 9, 2017 at 1:11 pm   /   Oil & Gas

Egypt’s General Petroleum Company (GPC) has signed a financing agreement with a banking alliance made up of 6 local lenders to obtain a loan of EGP 2.3 billion to finance oil and gas exploration and drilling operations. The vice chairman of the National Bank of Egypt (NBE) Yehia Abul Fotooh said that the banking alliance […]

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NBE, Banque Misr to finance GPC exploration and drilling with EGP 3 billion loan

Posted: August 16, 2017 at 8:57 pm   /   Oil & Gas

The National Bank of Egypt (NBE) and Banque Misr are arranging a EGP 3 billion facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring, Al Mal reports. NBE and Banque Misr are in talks with a number of banks including the Egyptian Arab Land Bank, Credit […]

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EGPC rescues IOCs from 5% surtax

Posted: December 18, 2016 at 10:54 pm   /   Oil & Gas

The Tax Authority has notified EGPC that it must pay EGP 2.5 billion in back taxes owed from the scrapped 5% surtax on income over EGP 1 million it had imposed on E&P companies back in 2014, Al Borsa reports. EGPC had stepped in to pay the surtax on their of IOCs after as many […]

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EGPC to sign $200 million loan agreement with banking consortium

Posted: December 7, 2016 at 12:17 pm   /   Oil & Gas

EGPC is set to sign a $200 million loan agreement with a banking consortium that includes the African Export Import Bank (Afreximbank) and NBE to finance operations and petroleum product imports, sources told Al Mal. The agreement will be signed within a week, unnamed sources said. (Source:

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SUMED and NBE sign $100m loan for Ain Sokhna FSRU pier

Posted: July 21, 2016 at 8:46 pm   /   Oil & Gas

Arab Petroleum Pipelines Company (SUMED) has signed a $100 million loan with the National Bank of Egypt (NBE) to finance the first phase of a project for establishing a new pier in the Ain Sukhna area. The project aims at transporting liquefied gas, as well as storing and transporting diesel for local consumption and export, […]

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