The Egyptian Natural Gas Holding Company (EGAS) addressed financial institutions to take a loan of EGP 2b in order to be able to pay financial obligations that include dues of foreign partners, reported Al Mal News.

EGAS contacted a number of banks including the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, CIB, Arab African international Bank, QNB, Abu Dhabi Islamic Bank (ADIB) and AlexBank.

The company aims for the loan’s tenor to be 5 for years that include 2 years of grace period. Part of the loan is meant to pay the international oil companies (IOCs) dues.

In January, the Egyptian Minister of Petrleum and Mineral Resources, Tarek El Molla, had stated that Egypt’s arrears to international oil companies (IOC) decreased from $3.6b in September to reach $3.5b by the end of December 2016.

El Molla had added that the Egyptian General Petroleum Coropration (EGPC) pays IOCs regularly every month. Yet, he did not mention any details concerning the timeframe to settle all IOCs arrear.