Oil Egypt accountACCOUNT King Tut

Egyptian General Petroleum Corp Hires HSBC to Raise $1B Loan

Source: Reuters 7/12/2018, Location: Egypt

Share |
Egyptian General Petroleum Corp (EGPC) has hired HSBC to arrange a loan of around $1 billion, five banking sources familiar with the matter said, the latest sign of international banks’ increased appetite for Egyptian debt.

Two of the sources said the loan was being requested by Petroleum Export Limited (PEL), a special purpose vehicle used by EGPC, Egypt’s national oil company, to raise several loans in the past.

Egyptian oil ministry spokesman, Hamdi Abdelaziz, dismissed the report and said, “there were no deals concluded through the current financial year and until now.”

The two sources said the new loan, like previous PEL transactions, will be a structured finance deal. In this case, the facility proceeds will partly be used to pre-pay EGPC cargo deliveries, the sources said.

The pre-payment loan for EGPC, which has a five-year maturity, is now being syndicated to other banks, said the sources.

Business conditions are slowly improving in Egypt under a $12 billion three-year IMF loan programme tied to fiscal and economic reforms.

The IMF approved at the end of June a fourth payment, worth $2.02 billion, of its $12 billion loan. The latest payment brings the total received by Egypt from the IMF to around $8 billion, it said.

The country has emerged over the past few months as one of the most significant debt issuers in the region, with a wave of significantly sized U.S. dollar syndicated loan deals attracting interest from international banks.

State-owned Egyptian Electricity Holding Company (EEHC) has completed a $900 million syndicated loan last month, with HSBC and Credit Suisse coordinating the facility.

National Bank of Egypt was recently in the market for a $600 million loan, and Banque Misr is expected to raise $500 million through a loan arranged by Citi, sources told Reuters in May.

Egypt >>  11/12/2019 - SDX Energy Plc (SDX) is pleased to announce the commencement of production from its operated South Disouq concession (SDX: 55% working interest) in Eg...
Egypt >>  11/10/2019 - Qatar Petroleum is pleased to announce the successful start-up of the Egyptian Refining Company (ERC) Refinery project located in Mostorod, north of t...

Egypt >>  11/5/2019 - The exploration wells, Baltim Southwest-1 and Baltim Southwest-2, in the Nile Delta region have been placed on production with a rate of around 190 mi...
Egypt >>  11/3/2019 - A deal that would transfer control of a natural gas pipeline between Israel and Egypt is expected to be closed in the next few days, the companies sai...

Egypt >>  10/30/2019 - President Abdel Fattah El Sisi issued Law No. 136 of 2019 allowing the Minister of Petroleum and Mineral Resources in contracting with the Egyptian Ge...
Egypt >>  10/21/2019 - As a part of its ongoing drive to be among regionally and globally ranked Oil and Gas companies, Dragon Oil Ltd. - the fully owned exploration and pro...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us