NBE, Banque Misr arranging EGP 3 bn loan for General Petroleum Company

The National Bank of Egypt and Banque Misr are arranging a EGP 3 bn facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring, Al Mal reports. NBE and Banque Misr are in talks with a number of banks including the Egyptian Arab Land Bank, Credit Agricole, Emirates NBD, the Egyptian Gulf Bank, and Union National Bank, sources say. Contracts should be signed in the coming weeks. The GPC plans to invest EGP 1.9 bn in FY2017-18, including EGP 1.8 bn on oil and gas exploration and drilling. The company targets producing 53 mn bbl/d of crude, 29.5 mcf/d of gas, and 360k bbl/d of condensates this fiscal year. Separately, GPC launched an oil and gas tender on Monday for exploration and production agreements in its Eastern Desert concessions.