Egypt: IOC Receivables Fall 5% In Q3, But Still Up On End-2014

Of the key foreign producers of oil and gas in Egypt, a majority have now reported third quarter figures. These show receivables falling by an average of 5.3% in Q3.

Taking these numbers to be typical implies that overall receivables fell to $5.96bn, down $330mn on three months earlier (MEES, 14 August). However dues are up by $500mn on the end of 2014.

Egypt made a series of large payments late last year and at the time pledged to repay its debts to foreign oil and gas firms by the end of 2016. However amid slumping gas output, which slipped to a 10-year low of 4.2bn cfd in Q3 2015, and Cairo’s need to import LNG to keep up with demand during peak summer months, payments have failed to keep up with new dues since the start of the year.


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