Egypt’s Co-Operation Petroleum Company (COOP) and Misr Petroleum Company sent a letter to an Egyptian banking consortium asking to double their EGP 10 billion loan, which was granted late 2014, Source told Al Mal News.
The two companies are owned by the Egyptian General Petroleum Corporation (EGPC) and are seeking to receive the second tranche if EGP 10 billion in order to cover their needs in purchasing and supplying petroleum products to the Egyptian market.
The original EGP 10 billion loan was granted by a consortium consisting of Banque Misr, National Bank of Egypt (NBE), Arab African Bank, Commercial International Bank (CBE), and Qatar National Bank. The loan’s tenor was agreed for five years from 2014, and included a $550 million segment of foreign currency with only 4 years tenor. Over 12 additional banks contributed in covering the loan’s cash.