GDF and BG to ink gas contract
Egypt The signing of the contract is interpreted as a vote of confidence in the Egyptian oil and gas industry’s ability to process payment for international operators, as investments have been withheld in the offshore gas development sector over the past few years because of accrued dues by the national government to offshore operators for gas production. It was reported on Thursday that the Ministry of Petroleum intends to fully commit to payment of all outstanding dues – $4.9 billion – within six months.
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