National Bank of Egypt mulls arranging New Loan for Oil Sector

The National Bank of Egypt (NBE) is studying arranging a funding worth US$1 billion for one of the state-run oil refineries, a NBE senior source told Amwal Al Ghad Sunday. The financing is set to go for upgrading the oil refinery as part of the country’s plan to boost petroleum production.

The source declined to disclose the name of the oil refinery until NBE reached a final agreement over the type of financing.

Last December, the Egyptian Ministry of Petroleum revealed a strategy to speed up the implementation of upgrading existing oil refineries in addition to five-year investments worth US$12.5 billion to add new upgraded production units in the coming five years.