EGPC has addressed the Council of Ministers for the approval for interests payments worth EGP 2.7 b on a loan guaranteed by the Ministry of Electricity, learned Al-Borsa.
EGPC Chairman Tarek al-Mulla revealed that the company’s board of directors had agreed to taking on the burden of the interest payments on the original EGP 10b loan.
He added that the actual quantity EGPC will receive, however, is EGP 7.3b. while the loan will be provided in one installment by the bank, interest payment will be deducted from it before the money is handed over.
The loan will be spent on fuel supplies and paying debts owed to foreign oil companies, he added.
Previously the ministry of petroleum had announced that the due owned to it by ministry of electricity had reached EGP 44b with an additional EGP36b, borne by the Ministry of Finance on behalf of the electricity.