Cairo plans to raise $2bn on capital markets by providing guarantees against future crude oil sales as it looks to chip away at its debts to IOCs.

The Egyptian government has announced plans “to issue a tender for pre-export finance in the amount of $2bn” to help fund debt repayments to international oil and gas companies. “The pre-export financing scheme is offered by [state oil firm] Egyptian General Petroleum Corporation (EGPC) and will be guaranteed by forward sales of crude oil shipments for five years,” a press release issued by public relations firm Hill and Knowlton on behalf of the government said on 13 November. (CONTINUED - 869 WORDS)