Egypt's PM oversees procedures for setting EGP 1trn public investment ceiling    15% of global agenda for achieving SDGs is on track for fulfilment by 2030: Mohieldin    Hamas accuses ICC Prosecutor of conflating victim, perpetrator roles    Giza Pyramids host Egypt's leg of global 'One Run' half-marathon    Egypt's Shoukry, Greek counterpart discuss regional security, cooperation in Athens    UK regulator may sanction GB news outlet for impartiality violation    Midar offers investment opportunities in its newest project, Mada, in East Cairo    Madinaty to host "Fly Over Madinaty" skydiving event    Turkish Ambassador to Cairo calls for friendship matches between Türkiye, Egypt    FTSE 100 up, metal miners drive gains    Egypt's c. bank offers EGP 4b in fixed coupon t-bonds    China blocks trade with US defence firms    Monday's market opens with EGP declining against USD    Health Ministry adopts rapid measures to implement comprehensive health insurance: Abdel Ghaffar    Nouran Gohar, Diego Elias win at CIB World Squash Championship    Coppola's 'Megalopolis': A 40-Year Dream Unveiled at Cannes    World Bank assesses Cairo's major waste management project    Partnership between HDB, Baheya Foundation: Commitment to empowering women    Venezuela's Maduro imposes 9% tax for pensions    Health Minister emphasises state's commitment to developing nursing sector    K-Movement Culture Week: Decade of Korean cultural exchange in Egypt celebrated with dance, music, and art    Empower Her Art Forum 2024: Bridging creative minds at National Museum of Egyptian Civilization    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Prime Minister Madbouly reviews cooperation with South Sudan    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EGPC valuates assets offered by Public Enterprise Sector Ministry for debt settlement
EGPC to discuss suitability of offered assets to oil projects, says source
Mohamed Adel Mostafa Fahmy Published in Daily News Egypt on 20 - 11 - 2019

The Egyptian General Petroleum Corporation (EGPC) formed a new committee to valuate the assets offered by the Ministry of Public Enterprise Sector to settle the debts owed by the ministry's subsidiary companies to the EGPC.
A government source told Daily News Egypt that the formed committee was tasked with preparing a comprehensive valuation of the assets offered for settlement, and to discuss their suitability to oil projects. The source added that the EGPC has a binding agreement with the Ministry of Public Enterprise Sector to settle the debts of its subsidiaries, in return for obtaining unutilised assets, mostly land.
The source did not disclose the value of the estimated debt owed by the EGPC to the companies of the Public Enterprise Ministry, but the Minister Hisham Tawfik has previously put the figure at EGP 12bn.
The source expected that the settlement to be agreed upon between the EGPC and the Ministry of Public Enterprise to contribute to settling the accumulated debts of the current period, and that it will be different from previous agreements.
“The past years have witnessed many attempts by the government to schedule the repayment of debts, but public enterprise companies did not commit to repay according to the agreed scheduling,” he said. Walid El-Rashid, deputy chairperson of the Holding Company for Chemical Industries, said that the holding company offered two plots of land belonging to El Nasr Fertilizers and Steam Boilers worth up to EGP 2bn to settle its debt to the Ministry of Petroleum estimated at EGP 3.5bn.
He told Daily News Egypt that the land was offered several months ago but has not received a reply. He did not clarify the status of the settlement or the rest of the indebtedness.
At the end of December 2018, the Holding Company for Spinning and Weaving, the Holding Company for Chemical Industries, and the Holding Company for Metallurgical Industries signed a cooperation protocol with the Ministry of Petroleum to settle their debts owed to the ministry by swapping plots of land.

Clic here to read the story from its source.