Misr Petroleum gets EGP 10B financing to strengthen fuel supplies
Updated 11/14/2024 5:59:00 AM
Arab Finance: A consortium of eight Egyptian banks has extended a syndicated loan of EGP 10 billion to Misr Petroleum Company, Al Arabiya Business reported, citing unnamed sources familiar with the matter.
The National Bank of Egypt (NBE) leads the banking consortium as the primary arranger, coverage guarantor, financing marketer, and financing agent.
The consortium includes the Commercial International Bank Egypt (CIB), which also acts as an initial arranger and debt service account bank, and Qatar National Bank, which serves as an initial arranger and document bank.
The financing aims to bolster the company’s ability to secure fuel supplies for local and international markets.
Chairman of Misr Petroleum Mohamed Maged emphasized that this agreement aligns with the company’s goal of enhancing its market leadership in fuel distribution and securing the resources necessary for future projects aimed at increasing the strategic stock of petroleum products.
He noted that the financing also supports the company’s expansion efforts across Egypt, addressing fuel needs without imposing additional burdens on the state’s budget.
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