Egypt Air’s dues owed to EGPC jumped to EGP 5.9b by the end of July compared to 5.7b in the month of April 2015. This is the result of the Egypt Air’s decision to stop paying the full value of the fuel it receives and focus more on paying the monthly installments of the debt accumulated.
EGPC Chairman Tarek Al-Mulla told Al-Borsa that such expanding debt adversely affected EGPC, adding that Egypt Air had stopped paying the monthly installments of its old debt worth EGP 25m. This made a major contribution to aggravating the situation despite several meetings held with them and the agreement on rescheduling debts.
The amount owed to EGPC from government agencies has reached an astounding EGP 195b, up from 170b at the end of October last year.