Egypt’s new authorities have talked a good game on creating an investor-friendly climate by reducing the monies owed to IOCs active in the country. But the numbers tell a different story. Receivables have soared by $1.4bn over the first six months of 2014 to hit $7.5bn, MEES analysis shows.
Italian giant Eni alone has seen the monies owed to it by Egypt “related to hydrocarbons supplies to Egyptian state-owned companies” rise by a whopping 81% to €1.195bn ($1.64bn) over the six months to end-June. This is up €536mn on the €659mn owed at the end of 2013 and more than double year ago levels (see table). (CONTINUED - 1706 WORDS)