Dues owed by Egypt to foreign oil companies rose by $861mn in the first half of this year, hitting $6.3bn at the end of June. Egypt has its work cut out if it is to meet its target to completely repay its debts to IOCs by end-2016.

Egypt made big play of two bumper payouts to international oil companies (IOCs) in late 2014: payouts that saw the receivables total fall by close to $3bn in the second half of the year, ending the year at just under $5.5bn. (CONTINUED - 1404 WORDS)