State oil company Egyptian General Petroleum Corporation (EGPC) said on 5 April that it has selected the US’ JP Morgan and National Bank of Egypt to act as the mandated lead arranger on its $2bn five-year loan facility.

The loan will enable EGPC to finance oil and oil products exports.

EGPC had shortlisted three consortiums to act as mandated lead arranger – the other two consortiums were led by Germany’s Deutsche Bank and France’s Credit Agricole Egypt, according to a banker close to the deal. (MEED 29:03:10)

In January, EGPC received up to six bids from a mix of international and Egyptian banks for the deal, which was first launched in mid-December 2009.

The US’ Morgan Stanley and Bank of Tokyo Mitsubishi have been appointed to advise on raising the facility, which follows a similar $900m pre-export deal launched in the market in August 2009. (MEED 10:01:10)

The new deal will have a tenor of five years and is secured against naptha exports, whereas the 2009 deal was secured against crude oil exports.