Egypt Presses Oil Companies for More Time to Pay for Fuel

14 Oct 2016   Egypt

Egypt has asked energy suppliers… Egypt is pushing big energy companies to give it a break on payments for fuel shipments after Saudi Arabia’s sudden decision in October to halt artificially cheap petroleum deliveries tightened an economic squeeze in the North African nation. Egypt, one of the biggest global importers of commodities ranging from wheat to diesel fuel, is struggling to pay oil companies ahead of trying to make the world’s largest-ever short-term deal for liquefied-natural gas. At a meeting in Cairo on Wednesday, Egypt asked energy suppliers to give the country six months instead of three months to come up with the money for already-ordered deliveries of LNG, crude oil and petroleum products, an Egyptian government official said. The official didn’t specify which companies were at the meeting. Egypt’s biggest energy suppliers include BP BP -0.31 % PLC, […]

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