The Clap:
The Egyptian government is reportedly looking to settle another 20% portion of its dues to foreign oil and gas players in June as it gears up for more imports in demand-heavy summer months, Asharq Business reports, citing sources it says are familiar with the matter.
Remember:
The Egyptian General Petroleum Corporation has to date accumulated some USD 4.5 billion in debt to international oil and gas firms, a recent report by the International Monetary Fund read. As of March, arrears to international oil and gas companies were estimated to hover at around USD 6.25 billion, of which USD 1.5 billion — approximately 20% — were settled after the inflow of hard currency from the country’s IMF and Ras El Hekma deals.
And more foreign gas inflows are incoming:
The country imported at least two liquified natural gas cargoes as of April, and is expected to buy up to 20 over the spring and summer as electricity demand surges.
