debt | Egypt Oil & Gas - Part 3
Egypt’s Arrears to Oil Firms Rise to $3b at End of 2015
Egypt’s overdue debt to foreign oil companies rose to $3b at the end of December 2015, up from $2.7b at the end of October, said Petroleum Minister, Tarek El Molla in an interview with Reuters. El Molla did not provid...
NBE and Gas Firm Reach $32m Debt Settlement
The National Bank of Egypt (NBE) and an undisclosed gas company reached a $32m debt settlement agreement, Amwal Al Ghad reports. Bank Executive Board Member, Yehia Aboul Fotouh told the paper that the company would pa... EGPC Denies Negotiations over Dollar Repayments
The Egyptian General Petroleum Corporation (EGPC) issues a press release denying any claim that it intends to delay the dollar payments it owed. “The EGPC is on track and on time with its payment of dues to othe... EGPC Seeks to Delay Dollar Payments to Banks
The Egyptian General Petroleum Company is negotiating with banks to delay dollar payments it owes, Reuters reports. The size of the loans being negotiated has not been released. “We are in negotiations to delay ... El Molla: No Truth to IOCs Decreasing Exploration
Tarek El-Molla, Minister of Petroleum and Mineral Resources, said that the rumors about international oil companies (IOCs) halting exploration expenditures because of indebtedness and low oil prices is completely untr...
Saudi Arabia Teetering Closer to Tough Production, Currency Choices
Trade Arabia cited a Bank of America Merrill report, “Global Energy Weekly”, warning Saudi Arabia that the drain on its foreign exchange (FX) reserves could accelerate to $18b per month if Brent crude oil prices avera...
ADF Loan to Cover $500m Owed to Foreign Companies, Petroleum Ministry
An official source at the Ministry of Petroleum told Daily News Egypt that the ministry plans to repay $500m of Egypt’s dues to foreign partners by the end of 2015. It will do this by making use of a $1.5bn loan obtai...
Bahraini $1.5b Bond Sales Send Bad Signals to Debtors
Reuters reported that Bahrain’s $1.5b bond sale, last week, is a bad sign that Gulf borrowers will have to pay a lot more to issue debt in coming months because of low oil prices and less enthusiastic investors....
