State-owned Misr Petroleum Company and Petroleum Cooperative Society Company (COOP) seek to obtain an EGP 1.25b loan from the National Bank of Egypt (NBE) in order to support the working capital turnover and pay dues of petroleum products purchases, reported Al Mal News. Official from the two companies met with NBE to discuss the loan terms and tenor which was agreed to be for 4 years.

Both organizations are owned by the Egyptian General Petroleum Corporation (EGPC), from which they purchase petroleum products for sale in the local market.

Similarly, in 2014, both Misr Petroleum Company and COOP borrowed from NBE,  Banque Misr, the Commercial International Bank (CIB), the Arab African International Bank, and Qatar National Bank (QNB).  The loan was for EGP 10b to be paid over 5 years, with a $550m tranche over 4 years.

In related news, Misr Petroleum’s CEO, Mohamed Shaaban, stated that the company is increasing fuel and diesel pumping to its 1288 petrol stations by more than 25% of petroleum derivatives to cover growing demand.