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Wednesday, 15 June 2016

EGPC reaches agreement with Eni to pay it in EGP

In other energy news, EGPC reached an agreement to pay Eni’s receivables in EGP-equivalent, a source told Al Borsa. Eni is owed around USD 650 mn from its production share from JV’s Agiba, Petrobel, and Pharaonic. Eni agreed to receive the amounts in EGP after local operators Petrojet and Enppi agreed to conduct the marine services works and connect production from Zohr to the national grid while receiving payment in EGP. The agreement also involved rescheduling payments. EGPC is also negotiating a similar agreement with another IOC, which was not named, regarding USD 800 mn it is owed in receivables, said the source.

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