EGYPT

Cairo is trying to raise a $1.5bn five-year loan from international banks to pay off receivables owed to international oil firms active in Egypt.
 
According to Egyptian state oil firm EGPC’s own estimate receivables have now hit $6.3bn, up from the previous, end-June, estimate of $5.9bn. According to MEES calculations, based on company filings, receivables are at least $7.5bn (see table and MEES, 8 August), with the discrepancy seemingly due to differing ideas of what is...