Egypt to pay USD 200-500 mn in arrears to oil companies
by the end of September: EGPC plans on paying USD 200-500 mn in arrears to oil producers by the end of September, EGPC sources say. EGPC is in talks with the government to arrange the financing, according to the sources. The Finance Ministry had reportedly agreed back in May to issue letters of assurance for two loans to the EGPC worth a combined USD 850 mn to repay IOCs. Sources had also previously said that a USD 200 mn payment would be made to IOCs in June. Egypt’s total arrears had been brought down to USD 2.1 bn as of February.