The General Petroleum Company (GPC) has started negotiations with a number of banks to obtain a EGP 2.4 billion finance, a source at the company told Amwal Al Ghad.

The negotiations are still at the initial phases, the source noted.

During Q4 2017, GPC obtained around EGP 2.3 billion from a banking consortium including the National Bank of Egypt (NBE), Banque Misr, Union National Bank-Egypt (UNB), and EG Bank.

The fund was targeted at the company’s expansion projects, including 16 new onshore and offshore wells and two offshore platforms, in addition to covering some finance needs. This covers around 85% to 90% of the company’s expansion investment costs.