Arab Finance: The Egyptian General Petroleum Corporation (EGPC) has paid back $10 million in outstanding receivables to the UK-based Pharos Energy Plc, the British firm announced in a press release on March 27^th.

This amount of $10 million represents 26.7% of Pharos’ outstanding receivables of 2023 balance.

On March 26^th, the cabinet announced that Egypt had embarked on the process of settling outstanding payments owed to international oil companies (IOCs) engaged in petroleum projects.

A payment scheme was initiated to address 20% of the arrears. This signals Egypt's dedication to fulfilling its financial obligations promptly.

The remaining balance will be cleared according to a predetermined schedule, ensuring a systematic approach to debt repayment.

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