The General Petroleum Corporation (GPC) signed a EGP 2.3 bn loan agreement with a consortium of six banks to finance expansion plans and new exploration activities, sources close to the matter tell Al Masry Al Youm. The sum will be disbursed in tranches of EGP 900 mn and USD 80.9 mn and repaid in local currency over seven years. The amount will cover 85-95% of planned projects, which include as much as 16 onshore and offshore wells, as well as two new docking platforms.

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