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Debts owed to EGAS reached EGP16bn

: Tuesday, August 05 - 2014 @ 09:03

EGP16bn, the total of debts owed to Egyptian gas holding company EGAS for quantities of gas obtained by the industrial sector by the end of July, according to a senior company official. Factories were notified in February that gas supplies will be cut in the event of non-payment of debts, but no significant measures have been taken to pay off the dues thus far, Daily News Egypt has reported. The most prominent public sector companies in debt to EGAS include National Cement which owes more than EGP 500m, the official said. The Petroleum Authority formed a committee to inventory debts and negotiate with factory owners to schedule payments. If the payment schedule is not adhered to, the company will be warned and its gas supplies cut until all debts are paid.

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Tuesday, August 5- 2014 @ 9:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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