EGAS urges factories to pay overdue gas bills on time

EGAS has agreed to restructure a total of EGP 2 bn in receivables from factories over periods of three to five years, EGAS Chairman Mohamed El Masry told Al Borsa. He said companies are committed to their repayment schedule and complied with paying 10% of what is owed. El Masry added that EGAS has not cut gas supplies and will not reduce the quantities allocated to factories. The news comes as EGAS has reportedly sent warning letters to factories urging them to stick to the gas bill payment schedule set by the company’s board of directors, Al Borsa reports.