Phoenix Resources Obtains $20m Loan from IFC

Phoenix Resources (Texas International) has obtained a loan of $20mn from the World Bank's International Finance Corporation (IFC) for use in the development of oil fields in the Khalda concession in Egypt's Western Desert. The loan is reportedly for seven years at commercial rates.

The Khalda Petroleum Company is owned 50% by the Egyptian General Petroleum Corporation (EGPC) and 50% by Texas International and Conoco (operator)....