Egypt: Government promises to pay part of EGPC arrears

Issue 268 - 20 Dec 2013 | 1 minute read
The government has promised to pay $1.5bn of the $6bn it says it owes oil firms in an effort to revive investor confidence and boost investment in the energy sector. “There is approval to pay $1.5bn,” interim prime minister Hazem El-Beblawi told a business conference in Cairo on 4 December aimed at attracting investment from Gulf states. While oil companies remain undeterred by Egypt’s political upheavals, stressing that both onshore and offshore operations are unaffected, they are suffering a growing financial burden from unpaid arrears owed to them by Egyptian General Petroleum Corporation and its subsidiaries.

Tagged with:

Pin Egypt

Want to read more?

Small article


(Access to one African Energy article)

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map


Transmission and interconnections – towards a Continental System Master Plan

Africa Investment Exchange (AIX) power transmission event

6 December 2022, online

This online roundtable will evaluate progress towards a Continental System Master Plan for transmission infrastructure and cross-border interconnections and consider the impact which this plan will have on African electricity supply industries.

The roundtable is part of the monthly AIX membership programme and will be chaired by African Energy's John Hamilton with contributions from guests.

Book your ticket here

The meeting is free for all AIX members and African Energy subscribers.