The Egyptian government has no choice but to pay its dues if it wants an increase in investments within the sector, official said.
(Photo courtesy of
The government is borrowing on behalf of the Petroleum Authority in order to repay part of the debts it owes to partners, and this is due to the Ministry of Finance’s inability to pay these debts from the state treasury.
The Petroleum Authority will be guaranteeing the loan by backing it with part of its crude and naphtha oil from Ras Gharib, which it exports to pay monthly payments to banks. This will reduce the EGPC's monthly revenue, and represents an additional burden on its budget, according to
Youssef noted that the government each year pays approximately
Youssef stressed that that there is no solution other than for the
Total dues owed to foreign partners in the petroleum sector currently stand at
The government has resorted to borrowing as a result of declining reserves, which fell from nearly
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 31, 2014
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