Egypt Secures Funding For Further IOC Payments

Egypt has secured a loan worth up to $1.5bn to reduce its debts to international oil companies (IOCs), a further step towards boosting upstream investment.

State oil firm Egyptian General Petroleum Corporation (EGPC) chose National Bank of Abu Dhabi (NBAD) to arrange a syndicated loan that will see the Abu Dhabi lender, National Bank of Egypt and HSBC each contribute $500mn. State-owned EGPC will repay the debt over a three year period,...