IOCs negotiating payment of contractors in EGP
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)