The investment prospects for Egypt’s foreign upstream gas producers are constrained by overdue payments from Cairo for their gas and the low prices that the government pays them. Egyptian state-owned Egas’ total outstanding debt owed to UAE-based Dana Gas stands at $276mn. The figure represents overdue payments that Egas incurred for buying natural gas produced from Dana’s 12 gas fields in Egypt over the past two years. Dana says that Egas only officially acknowledges around $150mn of the debt because the processing of invoices can take up to 12 months. Cairo’s overdue debts stood at $4.9bn at the end of October, after it paid a $1.5bn tranche to energy firms.
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