Head of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz EL Regal, signed an agreement with National Bank of Egypt (NBE) Board of Directors’ Chairperson, Hisham Okasha, to allow the latter to manage cash revenues from Egypt’s Zohr field, Daily News Egypt reported.

NBE will manage cash revenues from the country’s mega natural gas field via its accounts, in partnership with Eni, Rosneft, EGPC, BP, and the Egyptian Natural Gas Holding Company (EGAS).

The agreement comes as part of NBE’s efforts to support the Egyptian oil and gas sector, particularly in the huge national projects directly impacting the economy, Okasha stated, highlighting NBE’s strong capital base that qualifies it to secure necessary facilities for those projects.

The Zohr agreement reflects the trust national oil companies (NOCs) as well as international oil companies (IOCs) put in the bank, Okasha said, praising NBE’s role in providing all needed banking facilities for Zohr.