Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Egypt Debt to Oil Partners Isn’t Thwarting Spend, Official Says

Don't Miss Out —
Follow us on:

Oct. 15 (Bloomberg) -- Egypt continues to attract investment from overseas oil companies operating in the North African nation even if they are owed payments by the nation’s government, according to Egyptian Natural Gas Holding Co.

The state-run gas company’s debts to overseas partners “aren’t that high,” Chairman Mohamed Shoeib said today in a telephone interview from Cairo, declining to be more specific.

Egyptian state-owned oil companies “have a mechanism for payments that we agreed upon with the foreign partners in such a way that does not prevent them from pumping new investments in Egypt,” he said.

Dana Petroleum Plc is owed tens of millions of dollars, Nick Dancer, the company’s managing director and manager for Egypt, said on Sept. 11.

The nation’s oil and gas exploration tender issued by Egas in May guarantees terms and conditions that prevent the accumulation of debt on state companies because foreign companies will have the right to sell the gas in local and international markets, according to Shoeib.

State-owned Egyptian General Petroleum Corp. made payments of $9 billion due to its foreign partners in the fiscal year that ended on June 30, the Al Ahram website cited Chairman Hani Dahi as saying on Sept. 23.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.