EGAS Collected EGP 4.2b

EGAS Collected EGP 4.2b

The Egyptian Natural Gas Holding Company (EGAS) collected an amount of EGP 4.2b. This figure comprises  EGP 3.5b for domestic gas sales since April, and EGP 770m late dues collected from customers, reported Al Borsa.

Sources with EGAS stated that the company has rescheduled late receivables from Al Qawmiah for Cement, Al Dekheila Steel, Suez Steel, Helwan for Fertilizers, Talkha for Fertilizers, Abu Qir for Fertilizers, and El Nasr for Intermediate Chemicals. Some of these firms have started to payback their outstanding balances.

EGAS is still in negotiations with industrial customers to agree on a permanent solution to address the late payment issue and ensure continual gas flows to clients’ facilities. The company’s board of directors agreed to payment terms of 3 years and five years.

EGAS’s clients owe a Total of about EGP 4b in outstanding dues. The company plans to collect at least EGP 1b of these amounts by the end of 2017, at the most.

Sarah Samir 2531 Posts

Sarah has been writing in the oil and gas field for more than a year. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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