The Egyptian General Petroleum Corporation (EGPC) issues a press release denying any claim that it intends to delay the dollar payments it owed. “The EGPC is on track and on time with its payment of dues to others,” Reuters quotes.

On December 8th, Reuters quoted an EGPC official saying “We are in negotiations to delay dollar installments that the EGPC owes,” adding that all the revenues of the EGPC are directed toward providing the country’s needs for petrochemical products.”

Foreign reserves in Egypt have fallen dramatically over the past four years, forcing the Egyptian Central Bank to fall back on meeting the requirements of government entities. According to Daily News Egypt, of the $700m the EGPC requires to meet import costs in October, that the CBE only provided $160m, requiring the EGPC to cover the difference.

Egypt requires around $800m per month to cover oil and gas imports.