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Egypt’s oil ministry says that it has over the last three weeks paid down a total of $2.2bn to international oil and gas firms active in the country.
The 8 June ministry statement comes just days after the country’s central bank assistant deputy governor Rami Aboul Naga revealed that Egypt had made two $750mn payments to IOCs in May and June.
This leaves the official receivables total at just $2.3bn, down from $3.4bn at end-March, $3.5bn at end-2016 and a high of $6.3bn in 2014. These official figures are substantially lower than MEES estimates based on company filings ($4.35bn at end-Q1), although however you look at it the trend is clearly down.
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