Cairo – Mubasher: The National Bank of Kuwait (NBK) - Egypt has signed a financing agreement with the Arab Petroleum Pipelines Company (SUMED) for a loan worth $300 million.
The loan will be used to finance the oil firm's expansions, according to an NBK-Egypt statement released Thursday.
SUMED will receive the total value of the loan on a two-year time frame, after which it will begin repaying the loan over a period of six years.
The pipeline company will use the loan to complete the first stage of its expansion projects in Ain Sokhna, which will include storage warehouses and tanks and marina to receive liquefied natural gas (LNG) carriers, the NBK-Egypt statement said.
SUMED, the owner and operator of the Sidi Kreir port, operates in Egypt, Saudi Arabia, Kuwait, Qatar and UAE. It is 50%-owned by the Egyptian General Petroleum Corporation (EGPC) and 50% owned by four Gulf countries in which it operates.
NBK-Egypt's stock closed Thursday down 4.75% to EGP 36.66.
The bank recently reported a 76.6% surge in profits to EGP 329.5 million in the first quarter of 2017, compared to WGP 186.66 million in the year-ago period.