The dues owed to EGPC from government agencies rose to EGP195 billion by the end of the month of January, compared to 170 billion at the end of October 2014.

In exclusive statements made to Al-Boursa EGPC CEO Tariq Al-Mullah said that the increasing sums not paid by some government agencies, especially the Ministry of Electricity, resulted from the price of the fuel that they receive from the Petroleum Authority on a regular basis.

Prime Minister Ibrahim Mahlab had formed a committee to resolve the financial entanglements between the Ministries of Petroleum, Finance and Electricity, and to bring about deep-rooted solutions to cope with the accumulation of entitlements and put end the crisis once and for all by the end of this year.

Al-Mulla added that the Ministries of Electricity, Finance, Transport and some Labour and Civil Aviation companies top the list of the government agencies in debt to the Petroleum Authority.

EGPC’s head also said that the dues owned to foreign partners totaled $3.1 billion by the end of last year, after the Ministry of Petroleum had paid about 40% of the total debt which began to accumulate from 2008.

Source: Al-Boursa