Cairo’s lack of disclosure on how much it owes IOCs suggests the receivables bill has risen from the $2.3bn mid-2017 level. EGPC is borrowing $850mn from the Finance Ministry to help it pay down its dues.

Egypt’s Finance Ministry has green-lighted two loans totaling $850mn to state oil firm EGPC as the latter looks to pay down a multi-billion receivables bill to IOCs operating in the country.

The last official figure EGPC gave for the receivables it owes was $2.3bn as of...