Banque Du Caire Says ok to Grant US$55mn Finance for EDC

Banque Du Caire approved  to finance US$55million in favor of Egyptian Drilling Company (EDC) for financing the company’s expansions within the upcoming period.

An official source quoted Amwal Al Ghad that the bank withdrew to marketing the finance noting that the finance’s maturity ups to 7-years.

In 1976, Egyptian Drilling Company was formed as a joint venture between the Egyptian General Petroleum Corporation (EGPC) and the A.P.Moller Group of Denmark. EGPC and A.P.Moller have acted, since the company’s inception, as equal partners in ownership.

As equal partners in ownership. EGPC is Egypt’s national petroleum corporation, overseeing exploration, production, refining, marketing and distribution of oil & gas within the country.

A.P. Moller is Denmark’s largest corporation, with activities in shipping, air transport, industrial goods and services, oil and gas exploration and production. In November 1976, Egyptian Drilling Company began operations by acquiring an onshore drilling rig and securing a contract for drilling company in Egypt’s Eastern Desert.

Egyptian Drilling Company’s objective at the time was to secure a leading position in the domestic drilling market. A major milestone was reached in 1980 by the drilling company when the company contracted the construction of two 250 feet water depth jack-up drilling rigs.

Moreover, Banque Du Caire has arranged in many joint loans during the last year most notably Petroleum Cooperative Society Company (COOP) and Misr Petroleum Company worth EGP3 billion.