Emirates NBD Egypt supports national gas production growth through participation in EGAS EGP 1.8 billion syndicated deal

Cairo, May14th – 2017 

Emirates NBD Egypt is pleased to announce that it has participated in an EGP 1.8 billion syndicated loan deal in favor of the state-owned petroleum company; Egyptian National Gas Holding Company (EGAS) to help significantly boost gas production in Egypt.

Emirates NBD Egypt’s contribution amounted to EGP 220 million in the five year syndicated deal. With Banque du Caire as the Initial Mandated Lead Arranger, it was participated in by eight major banks including Emirates NBD. 

The funds will be used by EGAS to initiate newly discovered gas projects across Egypt. This includes the ‘supergiant’ Zohr field; the largest ever gas discovery in the Mediterranean and which could hold a potential of 30 trillion cubic feet of gas, as well as in North Damietta on the East Nile Delta.

With these recent large gas discoveries and several more anticipated, this is expected to have a transformative effect. It will not only meet the country’s gas needs for decades but EGAS is also now aiming to become a gas exporter by the second half of 2019.

Amr Azab, Head of Corporate Banking, Emirates NBD Egypt said, “The continued discovery of new gas reserves across Egypt means that in the short-term, it puts the country on the fast-track to self-sufficiency in gas production. In the long-term, it has the very real capacity to see Egypt emerge as a gas producing hub for East Africa and Europe. The exploratory potential of Egypt is still considered to be very significant. Combined with Egypt’s strategic location, existing gas infrastructure and qualified ports, it means the country is well positioned to realize its gas exportation potential. This will also encourage further foreign investment in this sector too.”

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“In doing so, it plays a critical role in achieving Egypt’s 2030 vision for a diversified and balanced economy. Here at Emirates NBD Egypt, we are proud to play a role in seeing all of these economic goals and opportunities come to fruition by working in partnership with other leading banks to meet the financial needs of organizations like EGAS. It will also ensure we can continue cementing our place as experts in providing financial solutions for the Egyptian oil and gas sector.”

Emirates NBD Egypt has built a track-record of success in providing financial solutions for Egypt’s burgeoning oil and gas industry. In April 2016, it secured the organization’s largest-ever deal for EGP 2 billion with the Egyptian Electricity Holding Company; another major government-owned petroleum entity to help them increase national power supplies through the construction of new power-plants.

Emirates NBD Egypt is a fully-owned subsidiary of the Emirates NBD Group. With 2,200 staff and 64 branches, it is the largest subsidiary outside the Emirates NBD Group’s home-country of the United Arab Emirates.

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© Press Release 2017