Several government agencies have stopped paying for fuel products they are receiving from the EGPC in light of their need for this money in order to pay dues they owe to partners and banks. Dues owed to the Petroleum Authority by government agencies are approximately
The Ministry of Finance’s debts have increased as a result of not paying the value of petroleum products in full. This has forced the Petroleum Authority to pay for these products from its own resources, leading to an accumulation of debts, according to the official.
There has been no settlement of the value of subsidies from the second half of the current fiscal year, which is valued at approximately
The total dues owed to the authority by
The official pointed that total dues owed to the authority, from parties as varied as the ministries of electricity or transportation, the railways, contractors, and industrial consumers is approximately
Should the authority liquidate the dues owed it to by government agencies in debt this will bring them
The official stressed that the continuously growing dues owed to the EGPC by government agencies makes it unable to commit to repayments of dues owed to foreign partners and suppliers.
Foreign petroleum companies operating in
There are currently 70 international oil companies operating in
Most Popular Stories
- Frightfully Fun Films Return for Halloween
- Pfizer Approves $11 Billion Buyback Plan
- Would Soccer Be Richer Without Small Clubs?
- Cloud Lifts Microsoft's Quarterly Results
- Jennifer Aniston, Justin Theroux Set the Date
- Stocks Continue Strong After Opening Surge
- Weekly Jobless Claims Rise but Remain Low
- Hollywood Eager to Grasp Hispanic Market
- IS Funded by Black Market Oil Sales, Racketeering
- Teresa Giudice Must Serve Time in Prison