Banque Misr Provides Egyptian Drilling Company With EGP 100 Mln

Banque Misr approved to provide mid-term dollar finance for the Egyptian Drilling Company to finance the purchasing of a land driller. After receiving such driller, the company will have 76 drillers inside and outside Egypt.

The value of finance is US$ 16 million (EGP 100 million), sources said, adding that the bank has strong liquidity base which will enable it provide the finance without contributions from any other bank.

The oil drilling is a leading sector which achieves high profits. The Egyptian Drilling Company is one of the largest oil and gas drilling companies in Egypt. Therefore, banks are encouraged to finance such companies.

The National Bank of Egypt (NBE) had offered a mid-term finance of US$ 52 million to the Egyptian Drilling Company at the middle of 2011 for purchasing three land drillers.