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Oil & Gas

IOCs negotiating payment of contractors in EGP

Posted: February 15, 2016 at 12:55 pm   /   by   /   comments (0)

International oil companies are negotiating to pay service contractors in EGP instead of USD, or to reduce the contracted amount to be paid in foreign currency to 40% from 60%.

Ahmed Moaaz, Egypt Country Manager of SDX Energy (formerly Sea Dragon Energy), said that several IOCs already started negotiations with e contractors and service companies. Moaaz explained that he current foreign currency shortage restricts the operations of small- and medium-sized companies, while limiting the growth of larger companies.

(Source: Al Mal News)

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