NBE Mulls Pumping EGP100 mln for an Oil Firm in Egypt

An official source has informed Amwal Al Ghad that the National Bank of Egypt (NBE) is considering to arrange funding for one of the companies operating in petroleum sector worth EGP100 million in order to establish Gas Stations.

Within the last two weeks, NBE has captured EGP150 loan in favor of Misr Petroleum Company so as to import new line productions, in addition EGP20 million to import equipments for the company, after competing with Banque Misr, Suez Canal Bank and NSGB.

According to NBE’s participation in funding Assiut Oil Refining Company (ASORC) , the source said the bank requested  from the Egyptian General Petroleum Corporation (EGPC) to provide feasibility study regarding the development of ASORC before arranging funding which reaches $230 million, including $130million and $100 million will be arranged with local currency.

The source stated that NBE is stilling considering the request of EGPC to boost the issued letters of credit to import Kuwaiti oil from $1.5 billion to $2 billion to increase the imported amount from 1.5 to 2 million barrels a month, after cancelling $1 billion Libya Oil deal due to the political and insecurity turmoil.

NBE is one of the largest funding for EGPC in the Egyptian banking sector, the total value of letters of credit which the bank issued reached $7.7 billion (EGP54 billion) by the end of the current year, whereas the total funding of NBE for the petroleum sector up EGP40 billion in the last fiscal