IPR secures HSBC refinancing
Petroleum company to develop Egyptian assets.
IPR Petroleum is set to develop its oil and gas assets in Egypt after agreeing a US$50mn refinancing with HSBC.
The exploration and production company has been operating in Egypt for 20 years and controls various assets in the Western Desert and the Gulf of Suez.
Sam Dabbous, IPR’s chief operating officer, said the loan will enable the company to increase production in the country.
Since 2006, IPR has invested some US$300mn in Egypt’s energy sector, which has included seismic programmes, wells, platforms and pipelines.
HSBC Egypt’s head of structured finance, Helmy Ghazi, describes hydrocarbon as the backbone of the Egyptian economy and says the bank has continued to fund the industry during difficult economic conditions.
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