As Egypt’s finances have improved, state firm EGPC has cut the sums it owes foreign operators to a 10-year low. But at least one firm remains unhappy.

Egypt cut the sums it owes oil firms active in the country to $1.2bn by mid-2018, down 80% on the mid-2013 peak of $6bn. Success has been such that most of the country’s large operators, the likes of BP, Eni and Shell, have stopped reporting figures. But for smaller firms for whom receivables remain material to their finances, the...