The National Bank of Egypt’s (NBE) financing portfolio for petroleum sector recorded 41 billion Egyptian pounds (US$5.2 billion) at the end of June 2015, marking a 51.8 percent increase, a senior source said Sunday.
Speaking to Amwal Al Ghad, the source stated that NBE’s financing portfolio for petroleum sector reached 27 billion Egyptian pounds at the end of June 2014.
He added that NBE has signed Saturday a syndicated fund in favour of the Egyptian Electricity Holding Company worth 10 billion Egyptian pounds in cooperation with other seven banks.
The bank is to participate in this syndicated financing with two billion Egyptian pounds.
During last fiscal year, the National Bank of Egypt arranged the largest syndicated loan in the oil sector’s history, estimated at 10 billion Egyptian pounds for the state-run Egyptian General Petroleum Corporation (EGPC), including a USD-dominated tranche worth US$550 million. The loan was designated to pay off foreign oil companies’ debts.
NBE has headed another consortium to arrange and market a loan for EGPC worth US$1.3 billion, allocated to pay off foreign oil companies’ debts.
The consortium included NBE, HSBC Bank Egypt and National Bank of Abu Dhabi (NBAD).
During the first half of last fiscal year, NBE has captured a fund for General Petroleum Company estimated at US$850 million, including a USD-dominated tranche worth US$80 million, for the renewal and maintenance of oil wells.
The National Bank of Egypt attracted new clients for petroleum portfolio such as private-sector PICO International Petroleum Company since it has approved pumping funds worth 420 million pounds.
Furthermore, NBE has seized a syndicated loan for one of the oil companies working in Gulf of Suez estimated at US$120 million.
Moreover, during the first half of last fiscal year, National Bank of Egypt injected US$41 million for two oil firms; US$ 26 million for Sino Tharwa company and US$15 million for Petroleum Marine Services Company (PMS).
