Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



In 7 Months, NBE Granted EGPC LCs Totaled $693 mln
Published in Amwal Al Ghad on 19 - 01 - 2014

The National Bank of Egypt (NBE) granted over the last 7 months the state-owned Egyptian General Petroleum Corporation (EGPC) US $ 693 million in the form of letters of credit to import Kuwaiti crude oil.
According to an informed source from NBE spoke to Amwal Al Ghad on Sunday, the bank had provided the EGPC two letters of credit each worth US $ 231 million to import Kuwaiti crude oil during the first half of the current fiscal year 2013/2014.
Moreover, NBE had delivered the third letter of credit in the amount of US $ 231 million through the current month, the source added.
The source further pointed out that NBE is still studying the EGPC's request to boost the annual granted letters of credits to import the Kuwaiti crude oil, to be US $ 2 billion, instead of US $ 1.5 billion. No decision has been reached yet for EGPC's request, he said.
Last week, the NBE pumped additional financial package ranging between US $ 70-77 million. This comes within the framework of the bank's periodic funding to import diesel and gasoline so as to secure the state-owned corporation's continuous supply of petroleum products, he noted.
Furthermore, the source stated that the oil aid packages provided by the Gulf valued nearly at US $ 3 billion have triggered to reduce the EGPC's external needs reduced during the current fiscal year. This in return would contribute to lessening the banks' finances in favour of the EGPC, he explained.


Clic here to read the story from its source.