Petroleum Ministry said to owe 70% of arrears to five international oil companies
The Ministry of Petroleum reportedly owes over USD2.5bn to BP, Shell, Eni, Apache, and Dana Gas, out of a total of USD3.7bn arrears, including USD1bn to BP. Sources report that Eni has received EGP1bn payment in early November ahead of the EGP float which is the company used to pay local contractors. Early this month, Dana Gas has previously said that it will review its 2017 investment plans in Egypt if not repaid by year-end, which are USD242mn as of September-end. The Ministry is planning to pay USD500mn in arrears using part of the first tranche of the IMF loan. (Al Mal, Al Borsa)
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