Oil major BP says the monies it is owed by state-owned Egyptian General Petroleum Corporation (EGPC) fell to $2.299bn as of 31 December 2013. This is down from $3Bn a year earlier and the clearest indication yet that Egypt is making good on pledges to slash receivables owed to foreign firms. Egypt’s then prime minister said the first $1.5bn would be paid in December (MEES, 20 December). A recent string of company filings have indicated he was as good as his word.
Of the monies owed to BP “over one-third” for both 2012 and 2013 refer to “trade receivables which are not impaired but are past the original due date.” This implies that ‘overdue’ Egyptian receivables fell from $1bn-plus at end-2012 to around $800mn a year later. (CONTINUED - 545 WORDS)
