National Bank of Egypt plans $41-million Loans for SinoTharwa and PMS

Egypt’s biggest state-run bank, the National Bank of Egypt will pump two loans worth US$41 million into SinoTharwa Drilling Company and Petroleum Marine Services Co (PMS), source from the banks told Amwal Al Ghad on Wednesday.

The source clarified that the $41million-two loans are divided into; US$15 million for PMS and US$26 million for SinoTharwa to go for the purchase of drilling equipments.

PMS is one of the Egyptian General Petroleum Corporation (EGPC) companies founded in 2001 to be the premier Egyptian offshore service company. It is a major Construction & Marine Services Contractor in Egypt and Middle East.

On the other side, SinoTharwa was established in September 2005 as a joint venture between Tharwa Petroleum Company and Chinese Sinopec Star Petroleum Company, a limited liability company that started with US$18 million capital divided equally.

Moreover, SinoTharwa is currently negotiating with Bank Audi-Egypt over US$30million-loan to buy drilling equipments necessary for One Million Feddans Reclamation Project.