The Egyptian Government is in the process of drawing up a “timetable and new mechanisms” to reschedule arrears owed by Egypt to international oil companies (IOCs) operating in the country, Egyptian Minister of Petroleum Sharif Isma’il announced on 1 September.

The repayments schedule will be put together by a number of government departments in consultation with foreign companies in order to reach a solution to the debt, he said. Delayed payments from Egyptian state firm EGPC to IOCs for their equity share of production are nothing new, but amounts owed have ballooned since Egypt’s 2011 revolution. (CONTINUED - 1057 WORDS)