Minister of Petroleum and Mineral Resources Tarek El Molla met with the International Islamic Trade Finance Corporation’s (ITFC) Hani Sonbol to discuss the corporation’s annual work program for trade finance for the current year within the framework of an agreement with the Egyptian government in 2018.
El Molla highlighted that the oil and gas sector comes on the list of financing provided by the ITFC to the Egyptian General Petroleum Corporation (EGPC) to provide part of the local market petroleum products’ needs. He pointed out that this continuous cooperation with the ITFC for several years represents a successful model in the field of financing on concessional terms. El Molla emphasized the petroleum sector’s commitment to paying all the dues on time, which was appreciated by the ITFC.
Meanwhile, Sonbol praised the constructive cooperation with the petroleum sector, stressing the ITFC’s intention to provide more financial services, especially in light of the successive changes witnessed by the oil markets as a result of the Russian-Ukrainian crisis, which imposes inflationary pressures on the prices in the petroleum market.
The meeting was attended by EGPC’s Chairman Alaa El Batal.