Egypt Takes Bite Out Of Receivables But Long Way To Go

Tarek El Molla, Chairman of Egyptian state oil firm EGPC, says that Egypt last month paid off $600mn from the monies it owes to foreign operators active in the country for past production.

“The foreign partners’ dues declined at the end of August 2015 to approximately $2.9bn, compared to $3.5bn, as the equivalent of $600mn in Egyptian pounds was paid to the companies over the last month,” he told the Daily News Egypt in an 8 September interview.

Payments were “distributed pro-rata to all foreign companies working in the petroleum sector,” he says, presumably meaning in line with the total sum owed to each company. (CONTINUED - 333 WORDS)

DATA INSIDE THIS ARTICLE

table EGYPT’S DEBTS TO FOREIGN OIL COMPANIES ($MN, END PERIOD)