Independent Resources and Nostra Terra Company said that their joint venture (JV) in Egypt, Sahara Resources GOS Incorporation, was officially issued with a commercial registration and tax ID, reported London South East. Independent Resources added that this is an important step in making the joint venture entitled to receive its payments from the East Ghazalat concession. Accordingly, the joint venture completed all the necessary legal formalities that will allow it to finalize the registration arrangements with the Egyptian General Petroleum Corporation (EGPC).
The joint venture owns a 50% stake in the East Ghazalat concession and was originally established to facilitate the assets of Independent Resource’s interest in East Ghazalat.
By completing the registration process, the timing of the payment of the revenues due remains within the control of the relevant Egyptian authorities, thus Independent Resources Company is communicating with the Egyptian authorities to receive the payments.
As of mid november, a source with the petroleum sector had told Egypt Oil&Gas that Egypt owed $3.6b in backdated arrears to international oil companies (IOC). He had added that the government is committed to paying all overdue amounts and has reached a monthly payment plan agreement with IOCs to ensure that they continue exploration and concession development in the country.