{"id":617986,"date":"2024-04-01T00:00:00","date_gmt":"2024-04-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/01\/govt-pays-back-some-of-its-dues-to-pharos-energy-plus-news-from-juhayna\/"},"modified":"2024-04-01T00:00:00","modified_gmt":"2024-04-01T00:00:00","slug":"govt-pays-back-some-of-its-dues-to-pharos-energy-plus-news-from-juhayna","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/01\/govt-pays-back-some-of-its-dues-to-pharos-energy-plus-news-from-juhayna\/","title":{"rendered":"Gov\u2019t pays back some of its dues to Pharos Energy. PLUS: News from Juhayna"},"content":{"rendered":"

ENERGY-<\/p>\n

Gov\u2019t pays back 27% of due to Pharos Energy: <\/strong>State-owned Egyptian General Petroleum Corporation (EGPC) has paid back some USD 10 mn in outstanding receivables to the British Pharos Energy last week, the firm said in its 2023 preliminary results<\/a>. The payment marks a \u201cpartial settlement of outstanding trade receivables following payment delays\u201d due to the country\u2019s FX shortages and it marks 27% of the EGPC\u2019s dues by the end of last year. <\/p>\n

Remember:<\/strong> This comes just a few days after the government announced it started paying back<\/a>nearly 20% of the arrears<\/a> it owes to international oil companies operating in the country, with a structured plan to clear the remaining debt in stages over the coming period. EGPC paid back USD 30 mn in outstanding receivables<\/a> to Capricorn Energy last week.<\/p>\n

\n

EARNINGS WATCH- <\/p>\n

Dairy giant Juhayna Food Industries saw its net income climb 60% y-o-y <\/strong>to EGP 1 bn in 2023, according to an EGX disclosure (pdf)<\/a>. The company\u2019s topline rose 42% y-o-y to EGP 16.1 bn in the same period, which the company attributed to the successful launch of new products, more efficient use of working capital, and improved cash flow.<\/p>\n","protected":false},"excerpt":{"rendered":"

The payment marks 27% of the EGPC\u2019s dues by the end of last year.<\/p>\n","protected":false},"author":1,"featured_media":617987,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,302,409,93,72,1027,523],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-earnings","tag-earnings-watch","tag-energy","tag-enterpriseam","tag-juhayna","tag-pharos-energy","wpautop","entry"],"acf":{"mongo_id":"408a4671-81f1-43d8-8b1a-1802b20dc8c0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/489.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian government pays back USD 10 mn of its due to Pharos Energy","related_issue":[617971],"teaser":"The payment marks 27% of the EGPC\u2019s dues by the end of last year.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.e40ba56f-09c2-440d-bc01-be336d038ad1.mp3"},"yoast_head":"\nGov\u2019t pays back some of its dues to Pharos Energy. 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The discoveries\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/apache-pharos-energy-among-bidders-for-shells-onshore-assets\/","url_meta":{"origin":617986,"position":1},"title":"Apache, Pharos Energy among bidders for Shell\u2019s onshore assets","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"M&A WATCH- Apache, Apex, Cheiron among bidders for Shell\u2019s onshore assets: US oil and gas producer Apache, Egyptian firms Apex International Energy, Cheiron, and London-listed Pharos Energy have submitted bids for Shell\u2019s onshore oil and gas assets in Egypt, Reuters reports, citing informed sources. Other undisclosed Asian and Middle Eastern\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652848,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/19\/egas-denies-dana-gas-operations-affected-by-outstanding-receivables\/","url_meta":{"origin":617986,"position":2},"title":"EGAS denies Dana Gas operations affected by outstanding receivables","author":"enterpriseam admin","date":"19 January 2017","format":false,"excerpt":"Dana Gas operations and investments were not affected by unpaid receivables from EGAS, a senior official at EGAS told Al Mal. Dana Gas had earlier said it will have to review its 2017 investment plans for Egypt if the country does not repay dues by the end of the year.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":618825,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/21\/sdx-energy-sells-its-50-stake-in-west-gharib-concessions-in-egypt-exit-plus-state-pays-oil-arrears-tahya-misr-1-terminal-online-in-2025-heliopolis-housing-shortlists-development-partners\/","url_meta":{"origin":617986,"position":3},"title":"SDX Energy sells its 50% stake in West Gharib concessions in Egypt exit. PLUS: State pays oil arrears, Tahya Misr 1 terminal online in 2025, Heliopolis Housing shortlists development partners","author":"enterpriseam admin","date":"21 April 2024","format":false,"excerpt":"The company is also in the process of selling its assets in South Disouq","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542887,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/more-oil-investment-from-transglobe-pharos\/","url_meta":{"origin":617986,"position":4},"title":"More oil investment from Transglobe + Pharos","author":"enterpriseam admin","date":"23 January 2022","format":false,"excerpt":"Transglobe, Pharos Energy sign USD 506 mn oil E&P agreements: The Oil Ministry signed oil exploration and production agreements with Canada\u2019s Transglobe and London-based Pharos Energy that will see them spend a combined minimum of USD 506 mn, in addition to a USD 67 mn signing bonus, according to a\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569804,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/pharos-energy-confirms-interest-in-shells-egypt-assets\/","url_meta":{"origin":617986,"position":5},"title":"Pharos Energy confirms interest in Shell\u2019s Egypt assets","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Pharos Energy has confirmed its interest in purchasing Shell\u2019s onshore oil and gas assets in Egypt\u2019s Western Desert as part of a consortium, and has said ina filingto the London Stock Exchange it is in the initial stages of evaluation. The interest doesn\u2019t necessarily guarantee that a proposal will be\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617986"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617986\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617987"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617986"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617986"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}