NBE In Talks With Petroleum Company Over US$ 15 Mln Loan

The Egyptian Petroleum Development Company will start new programs for implementing plans to meet the requirements of the petroleum sector in drilling oil wells and other works, said Abdel Megid El-Rashidy, chairman of the Company.

The Company plans to implement the latest technology in exploration of oil and natural gas, in addition to providing technical consultations and contributions in drilling for oil, maintaining wells and building oil reservoirs as well as training staff working in petroleum companies.

El-Rashidy added that the company is negotiating with the National bank of Egypt (NBE) in order to receive a loan to be used in financing the purchasing of a new digger which costs about EGP 15 million, as part of the company’s efforts in developing the oil exploration system. A session will be held within the next two days to reach an agreement about purchasing the digger.