International oil companies negotiate paying contractors in local currency
International oil companies (IOCs) are negotiating paying service contractors in EGP instead of foreign currency or decreasing the contracted amount to be paid in foreign currency to 40% from 60%, Al Mal reports. The negotiations are underway due to the current USD shortage on the market, says SDX Energy (formerly Sea Dragon Energy Inc.) country manager Ahmed Moaz. The current FX shortage restricts the operations of small- and medium-sized companies, while limiting the growth of larger companies, he explains. (Al Mal, Enterprise)
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