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BP is still owed the most of any international oil firm active in Egypt. But, in approving the $12bn, 1.2bn cfd WND project, it has signalled its commitment to Egypt as Cairo raises price it pays foreign firms for gas.
UK major BP’s “current assets” in Egypt stood at $2.266bn as of end-2014, down from $2.299bn a year earlier and $3bn at end-2012, according to the firm’s latest annual report, released 3 March. This $33mn fall in BP’s Egyptian dues represents just over 1% of the monies it is owed. This is proportionally a much smaller share than the 14% average fall in international oil companies’ (IOCs) Egyptian receivables during 2014 (see table).
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