Egypt pays IOCs USD 200 mn in January, to IPO up to 10 companies in 18 months

Egypt paid USD 200 mn in arrears owed to international oil companies this month, Finance Minister Amr El Garhy said, according to Reuters. El Garhy said the government would be paying another USD 550 mn in February and March as well. The government has pledged to pay off all arrears by the end of June 2019 and not to accumulate more, Reuters says.

… El Garhy also said the government has plans to sell shares in eight to 10 companies on the EGX within 18 months. He says the companies that will be part of the planned sale include some that are already listed in addition to fresh offerings. El Garhy did not specify the companies or the stakes intended for sale.