EGYPT

 

BP Slashes $700mn From Egypt Receivables

 

Oil major BP says the monies it is owed by state-owned Egyptian General Petroleum Corporation (EGPC) fell to $2.299bn as of 31 December 2013. This is down from $3bn a year earlier and the clearest indication yet that Egypt is making good on pledges to slash receivables owed to foreign firms. Egypt’s then prime minister said the first $1.5bn would be paid in December (MEES, 20 December). A recent string of company filings...