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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 ($4.35bn at end-Q1), although however you look at it the trend is clearly down. (CONTINUED - 1247 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Egypt’s Foreign Reserves Continue Rising In May, Reach Highest Level Since 2011 ($Bn, End Period)|
|chart||Egypt Gas Output (Mn Cfd): Wnd Boost In April Pushes Output To 3-Year High But Still 20% Below 2011|
|chart||Lack Of Investment Sees Egypt Oil Output Fall To Multi-Decade Low In March, Slight Rebound In April (‘000 B/D)|
|chart||Egypt Spending On Oil Product Subsidies Soars In Local Currency Terms, Gains In $Us More Modest|