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Wednesday, 31 May 2017

Central bank to pay USD 750 mn to IOCs “within days,” will make Paris Club payment at the beginning of July

Central bank to pay USD 750 mn to IOCs “within days,” will make Paris Club payment at the beginning of July: The Central Bank of Egypt will have settled debts worth USD 1.45 bn come July, unnamed bank officials tell Youm7. This includes some USD 750 mn in arrears owed the international oil companies due to be paid “within days” and USD 700 mn owed to the Paris Club at the start of July. Egypt had made a similar USD 700 mn payment to the Paris Club last January after its first USD 4 bn eurobond sale.

And speaking of arrears, Dana Gas and partner Pearl Petroleum are seeking damages of at least USD 26.5 bn from Iraq’s Kurdistan Regional Government (KRG) for delays in oil and natural gas projects, Bloomberg reports citing a US court filing from mid-May. The pair is looking to enforce an arbitration ruling in London as part of a larger legal process that may allow Pearl Petroleum to seize Kurdish assets if the Iraqi Kurdistan don’t pay the arbitration awards. Egypt paid 25% of its 1Q17 arrears to Dana Gas last week, prompting the company to approve earlier this week a limited drilling campaign in Omm El Donia.

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