Oilex to borrow EGP 1.5 bn from banks consortium including CIB and NBE

Oil extraction company Oilex has reached an agreement which would see it borrow EGP 1.5 bn from a banking consortium that includes CIB, NBE, and Banque Misr, Al Shorouk reports. The company will use the loan to establish an EGP 2 bn industrial complex in Sadat City, which will include a cooking oils factory, and oils refinery, and a storage unit for seeds used to extract oil. Oilex has already signed contracts with international companies to build the complex, according to Chairman Sherif Ziyada.