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Monday, 29 August 2016

IOCs owed USD 3.4 bn by FY2015-16’s end, installment to be made in 4Q2016

Egypt is committed to back dues owed to international oil companies, Oil Minister Tarek El Molla said, according to Al Masry Al Youm. The country paid for its energy supplies from IOC partners in full last year, El Molla noted, paying USD 5.4 mn and brought the amount owed to IOCs down by another USD 100 mn. El Molla says Egypt now owes USD 3.4 bn to IOCs, compared to the USD 6.3 bn owed to them by the end of 2013. Egypt is also gearing up to make payments in 4Q2016, El Molla added. Payments aside, El Molla also said that a number of IOCs have continued to position Egypt as an integral part of the production profiles, pointing specifically to Eni and BP and adding that this is on display in the tangible number of new discoveries being made.

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