3 Banks Consider Contributing To Petroleum Marine Loan

The Egyptian Gulf Bank (EGB), Banque Misr and Export Development Bank of Egypt study the possibility of contributing to the US$ 50 million loan arranged by Société Arabe Internationale de Banque (SAIB) to the Petroleum Marine Service Company (PMS).

Sources said the banks are awaiting the terms sheet of the loan to make their final decision concerning contributing to the loan.

PMS is established in 2001 and it serves the oil and gas industry in the field of construction, installation and maintenance.

It is noteworthy that the four banks are also contributing to the US$. 1250 billion loan arranged for the Egyptian Ethylene and Derivatives Company (Ethydco) to finance the construction a complex of ethylene and polyethylene plants in Alexandria.