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.