The Arab African International Bank ( AAIB ) approves a loan worth US$50 million for an Egypt-based petroleum firm Sino Tharwa Drilling, a banking source with knowledge of the matter told Amwal Al Ghad Tuesday. The loan will go for financing Sino Tharwa’s investment plans in the coming phase.

In 2015, Sino Tharwa has got a loan worth US$ 26 million from the National Bank of Egypt (NBE) at volume of to buy necessary drilling equipments.

Sino Tharwa had been established in 2005 as a joint venture between Tharwa Petroleum Company – a subsidiary of the Egyptian Ministry of Petroleum & Mineral Resources – and China’s Sinopec Star Petroleum Company.

Moreover, Sino Tharwa is negotiating with Bank Audi Egypt over a loan worth US$30 million to purchase ten new drilling rigs to be used in Egypt’s national project to reclaim one million feddans.