Whilst complaints from foreign energy firms in Egypt are nothing new – US firm Apache and UAE-based Dana Gas say they will not invest in boosting gas output until they are paid more for their production (MEES, 10 November) – a growing theme is a difficulty in accessing US dollars at all.
UK-listed United Oil & Gas, junior partner at the 5,000 b/d Abu Sennan field of China’s United Energy Group says in a 9 November update that “the macroeconomic issues in the Egyptian economy have resulted in reduced USD liquidity and have impacted the Company’s ability to repatriate funds from Egypt. This situation has further deteriorated over the last month with the onset of renewed conflict in the region which has exacerbated challenges to repatriate funds. Whilst EGPC has continued to make regular payments to the Company against the receivable balance, including Egyptian pound payments equivalent to $1.8m since the 31 October, no USD payments have been received since August 2023.” (CONTINUED - 823 WORDS)
