EGPC Paid $480m in Edco Laons

EGPC Paid $480m in Edco Laons

The Egyptian General Petroleum Corporation (EGPC) paid $480m in loan dues for Shell’s Edco gas liquefaction factory since the facility halted operations in 2012. A source from EGPC added that Edco pays $200m dues to British Gas on annual basis as installment payments on a $2b loan, reported Al Borsa News.

The facility revived its operation in August, at 11% of its capacity, after an agreement was signed between Royal Dutch Shell and the Egyptian ministry of petroleum to provide the facility with 125mcf/d of gas in order to pave a way for its return to full operations. The ministry plans on using the facility to export gas from Cyprus and Israel, as Cairo aims to develop a regional gas trading hub.

Sarah Samir 2538 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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