Egypt Seeking $700 Million for Petroleum Purchases, Borsa Says

The Egyptian General Petroleum Corp. is in talks with Islamic lenders about a $700 million loan for the purchase of refined fuel, al-Borsa reported, citing unidentified officials at the state-run petroleum authority.

Egyptian President Mohamed Mursi has also pressed the Finance Ministry to speed up the disbursal of $400 million owed to a number of diesel suppliers, the newspaper reported. The officials said the delay in releasing the funds has contributed to the current diesel shortage in the country.

To contact the reporter on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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