Egypt says preparing timetable for energy debts

Egypt says preparing timetable for energy debts

It sounds like Egypt has been 'behind' in payments to international oil companies since way back when Mubarak was their 'leader'.

Now after a 2nd 'revolution' they are finally 'making arrangements'.

It looks like those deadbeats owe somebody over $5 Billion !!!

No wonder they got 'revolted'

No matter how hard somebody tries to fool TPTB, it never seems to work

(Reuters) - Egypt is preparing a timetable for repaying arrears on debts it owes to foreign oil companies to encourage them to continue investing in the country, the Petroleum Ministry said on Sunday.

Egypt owes at least $5 billion to oil companies producing oil and gas on its territory, with half of it overdue, according to corporate reports issued earlier this year.

The government, seeking to avoid public unrest, has delayed oil payments as it struggles to meet soaring energy bills caused by high subsidies on fuel products. Some of the debts were accumulated even before Mubarak was ousted.........................


............Financial disclosures by firms such as BP, BG, Apache, Edison and TransGlobe Energy show Egypt owed them more than $5.2 billion at the end of 2012.

Egypt says preparing timetable for energy debts

Deadbeats tell tall tales !!

reply to post by xuenchen


$5 billion? Thats chump change, the US owes the world over $17 trillion, plus a grand total of around $180 trillion if you count off balance sheet liabilities.

Of course, the oil companies would make a big deal out of this so they can apply pressure to the Egyptian govt to try and get their man back into power.

Or Egypt could just tell them to go screw themselves, much like what the US is doing when it has to borrow the money to even pay interest on its debts.

The US - king of deadbeats.

reply to post by xuenchen


Damn, that would be funny if it wasn't so pathetically sad.

It reminds me of the "tribute" billions we pay to Israel every year, how they then invest a good portion of it in Treasuries—so that we also pay them interest on the gift we give them.

Stranger than fiction....

Well taking into consideration that the Obama administration generosity with our tax dollars include 1.55 billion for Egypt yearly we should be confident that we the US tax payers will be paying for their energy debt

Just remember people when the next bill comes to our mailbox and we are short of funds, lets remember where our tax dollars are going.