EGPC approaches banks

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04 January 2010

Egyptian state oil company Egyptian General Petroleum Corporation (EGPC) is shopping for a jumbo financing, but questions remain about the deal’s structure.

Read more: [EGPC] [oil PXF] [egyptian oil]

Trade Finance has learnt that Egyptian state oil company Egyptian General Petroleum Corporation (EGPC) has approached banks with a $2 billion financing request.

The firm is said to be looking to secure the financing by February. A “sizeable number” of banks, according to market sources, have already responded with an initial exclamation of interest by the 28 December 2009 deadline set by the...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%