The private-sector Egypt Refining Company (ERC), which operates a hydrocracker-based complex adjacent to the simple state-owned 200,000 b/d Cairo refinery, reports that its ‘receivables’ owed by the Egyptian General Petroleum Company (EGPC) fell to $510mn as of end-June from $699mn three months earlier and $618mn at the end of 2022.
This likely reflects a willingness (perhaps a contractual obligation) to accept payment in local currency, with the collapse in the value of the Egyptian pound against the US dollar over the past year also cutting the indebted firm’s net liabilities. (CONTINUED - 934 WORDS)
