Egyptian Petroleum receives offers for $2bn export finance

18 January 2010

State-owned firm receives funding offers from local and international banks

State-owned Egyptian General Petroleum Corporation (EGPC) has received several bids from banks interested in taking a leading role on a $2bn loan it is planning to raise, according to sources close to the company.

The sources say that a mix of international and Egyptian banks have responded to the request to act as mandated lead arranger on a $2bn pre-export loan.

The loan involves banks providing finance to enable the company to sell its products overseas in cases where it has already arranged a buyer.

The deadline for banks to make financing proposals was 18 January. According to one banker close to the process, EGPC is expected to appoint banks by the end of the month.

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 into the market in August 2009 (MEED 10:01:10).

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