EGPC has reached an agreement with Eni to pay the Rome-based multinational oil and gas company its $650m receivables in the Egyptian pounds, according to Enterprise.
This value represents Eni’s production share from JVs Agiba, Petrobel, and Pharaonic. Al Borsa News reported that this agreement was being discussed between the two companies over several months and finally reached a conclusion after local operators Petrojet and Enppi had agreed to conduct the marine services needed to enhance the production at the Zohr offshore natural gas field and earn their payments in EGP.
EGPC is also currently negotiating another agreement of the same sort with one of the major IOCs that operates in the nation, however, the name of the company was not revealed. EGPC intends to pay the company its $800m in EGP in an attempt to reduce the burden that Egypt is facing with regard to foreign currency reserves.