Cairo’s lack of disclosure on how much it owes IOCs suggests the receivables bill has risen from the $2.3bn mid-2017 level. EGPC is borrowing $850mn from the Finance Ministry to help it pay down its dues.
Egypt’s Finance Ministry has green-lighted two loans totaling $850mn to state oil firm EGPC as the latter looks to pay down a multi-billion receivables bill to IOCs operating in the country.
The last official figure EGPC gave for the receivables it owes was $2.3bn as of mid-2017 but the total has almost-certainly increased since: MEES estimates to around $2.7bn based on more recent corporate filings (see chart), whilst Oil Minister Tariq al-Mulla refused to estimate a figure when pressed by MEES earlier this year.
EGPC plans to use the latest loan to lower its dues before the current Egyptian financial year ends on 30...