Sino Tharwa starts loan Talks with Bank Audi Egypt

Sino Tharwa Drilling Company enters into negotiations with Bank Audi Egypt over a loan worth US$30 million, a senior banking source near from the talks told Amwal Al Ghad on Tuesday.

The loan is designed to purchase ten new drilling rigs.

The source further said Sino Thawra had formerly held talks with the National Bank of Egypt and the Arab African International Bank but the three parties could not reach an agreement. Therefore, the company started talks with Bank Audi.

Sino Tharwa aims to use the ten new drilling rigs in participating in Egypt’s national project to reclaim one million feddans, the source added.

Sino Tharwa had been established in 2005 as a joint venture between Tharwa Petroleum Company – a subsidiary of the Egyptian Ministry of Petroleum & Mineral Resources – and China’s Sinopec Star Petroleum Company.