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Thursday, 11 June 2020

EgyptAir gets a breather on jet fuel arrears to EGPC

CABINET WATCH- EgyptAir gets a breather on arrears to EGPC: The Madbouly Cabinet agreed yesterday to waive 50% of the late fees on monthly jet fuel payments that national flag carrier EgyptAir owes the Egyptian General Petroleum Company (EGPC), according to a Cabinet statement. The decision also includes a debt restructuring agreement that will see EgyptAir pay off its arrears to the EGPC over eight years, with the repayment period beginning in one year.

Also approved during yesterday’s meeting:

  • Amendments to the Intellectual Property Rights Act that would reduce patent licensing fees for applicants below the age of 21 to EGP 100, from the regular rate of EGP 1k, and waiving the fee altogether for applicants with special needs or disabilities;
  • Amendments to the executive regulations of the Universities Act allowing universities and higher education institutes to use e-learning platforms and distance learning;
  • Twelve oil and gas exploration and production agreements the Oil Ministry signed with international companies.

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