The EGPC has reportedly received a USD 1 bn syndicated loan from an international and regional banking consortium led by HSBC, sources close to the matter tell Al Shorouk. The facility will be used to partially repay the debts owed by EGPC subsidiary, Petroleum Export Limited, to foreign partners. We had reported in July that HSBC had been tapped to arrange a loan with five=year maturity that would be used to prepay EGPC cargo deliveries. Back in May, sources claimed the EGPC had been seeking two loans from a local banking consortium worth a combined USD 850 mn in order to repay arrears to international oil companies.

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