Egypt’s debts to the country’s foreign oil and gas producers rose by over $360mn in the first three months of 2016 to hit $5.36bn according to MEES estimates based on official company filings. This more than reverses reductions seen in late-2015.

Of the largest creditors, BP and Eni do not publish quarterly numbers whilst BG was taken over by Shell at the start of 2016. The three were owed a collective $3.7bn at end-2015 and there is no reason to believe they bucked the trend of...