Misr Petroleum Company and Co-operation Petroleum Company are in talks with a local banking consortium to secure a EGP 10 bn loan, undisclosed sources told Al Mal. The two companies, both subsidiaries of the Egyptian General Petroleum Company (EGPC), are hoping to double an old loan of the same amount from the National Bank of Egypt, Commercial International Bank, and Arab African International Bank amongst others to help finance planned expansion. The sources also speculated that the new loan could be used to pay part of foreign arrears, which stand at an estimated USD 2.3 bn.

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