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Independent Kuwaiti firm Kuwait Energy (KEC) this week followed UAE-based Dana Gas in reporting that the monies owed to it by state oil firm Egyptian General Petroleum Corporation (EGPC) against its Egyptian output have fallen on the back of Gulf largesse to Cairo.
Egypt says it paid out a total of $1.5bn to international oil companies (IOCs) active in the country last month. This follows, and has been enabled by, Egypt’s receipt of billions of dollars in aid and concessionary loans from Saudi Arabia and the UAE since the ouster of former Muslim Brotherhood-backed President Muhammad Mursi last year.
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