EGYPT

Egypt Receivables Down 40%, But $5.4bn Still Owed – MEES Analysis

Exclusive MEES analysis based on company filings suggests that whilst the receivables owed to foreign oil firms in Egypt have fallen, the total remains at around $5.4bn, some $2.3bn higher than Cairo’s figure. Meanwhile, capex cuts in response to lower oil prices may stymie Cairo’s attempts to boost output.

Egyptian state-owned firm EGPC made $2.1bn-worth of payments to international oil companies...