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 mid-2017 but the total has almost-certainly increased since: MEES estimates to around $2.7bn based on more recent corporate filings (see chart), whilst Oil Minister Tarek El Molla refused to estimate a figure when pressed by MEES earlier this year. (CONTINUED - 926 WORDS)
