IOC receivables down to EGP 3.5 bn by 2016’s end -El Molla

Receivables due from EGPC to IOCs have dropped to USD 3.5 bn in 2016’s end, down from USD 3.6 bn at the end of September, Oil Minister Tarek El Molla said. The government bought USD 5.4 bn worth of crude and natural gas from IOCs last year and paid USD 5.5 bn, El Molla clarified, according to Al Shorouk. He said the Ministry is gearing up to make another round of payments to IOCs in order to encourage them to increase investments in Egypt.