NBE OKs EGP70 mln Finance for Tanmia Petroleum Co

Tarek El-Barkatawy, Chairman & MD at Tanmia Petroleum Company said his company obtained an initial approval from the National Bank of Egypt (NBE) in order to get EGP70 million finance for purchasing some petroleum equipments.

Tanmia will take part in a project which is being implemented with one of the public-sector firms. The project is designated to be in Abo-Senan Western desert for natural gas exploration. It is expected that the gas production would reach up to 50 million cubic feet per day, he added.

The project has strategic vision for the country’s need to boost of natural gas rates before the beginning of next summer, noting that Tanmia seeks to finalize the project before next April and May.