The Egyptian General Petroleum Corporation (EGPC), conducted the first treaty with the Ministry of Finance (MOF) at the end of March to pay off its debts of EGP 214 billion over three years, Al Ahram reported quoting the Deputy CEO for Financial and Economic Affairs in the EGPC, Asharf Abdallah
An amount of EGP 86 billion had been paid and currently EGPC is seeking to settle the remaining EGP 128 billion before June 2021. These details were announced during the meeting of the Planning and Budget Committee at the House of the Representatives, headed by Fakhry AlFeky, to discuss the budget of the EGPC in addition to the budget draft of the Ministry of Electricity and Renewable Resources for fiscal year (FY) 2021/2020.
Abdallah indicated that the public business sector owes EGP 16 billion to the EGPC. He added that EGPC will receive Rakta land in Alexandria and Al Mahlag Land in Minya and Beni Suef, in addition to Al-Nasr Company in Suez within two weeks, which will push down the debts to EGP 2 billion.
The Deputy CEO of EGPC for Financial and Economic Affairs stated that EGPC investments reached EGP 23 billion for FY 2020/21, with revenues worth EGP 9 billion. Abadallah elaborated that EGPC endured loses of EGP 263 billion due to currency differences, EGP 84 billion of which had been compensated.