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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.
But dues have climbed sharply since, hitting $6.3bn at the end of June, up $861mn on six months earlier, according to MEES calculations based on company filings. This is sharply higher than the official figures provided by Egyptian state oil firm EGPC, which says that it owed IOCs $3.5bn as of end-June, up $400mn on the end-2014 figure of $3.1bn. The EGPC figures consist of sums considered ‘overdue’ while, for the most part, the numbers provided by IOCs are for all receivables.
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