Banque Misr approved granting a letter of credit worth $181.5 million for the Egyptian General Petroleum Corporation (EGPC), an official at the bank stated, according to Arab Finance.

The letter of credit aims to finance EGPC in importing crude oil and petroleum products, Masrawy reported.

Minister of Petroleum Tarek El Molla revealed last week that the country currently spends more than $1.5 billion each month on securing the local demand for petroleum products, Reuters reported.

The money is spent on importing petroleum products and on buying the production shares of international oil companies (IOCs).