Payback time for Egypt
good day for
TWO Irish oil exploration firms are expecting a cash boost after the Egyptian government vowed to pay all arrears owed to foreign oil firms within three years.
Petroceltic and Circle Oil are owed a combined $109m (€80m) from the Egyptian oil authority EGPC. The state aims to accelerate repayments of arrears in the oil and gas industry, which stands at almost $6bn, according to sources. It previously said it would repay half that amount by the 2017 timeframe, giving signs the industry stabilising there.