East Mediterranean Gas Owes NBE US$ 156 Mln

The East Mediterranean Gas Company (EMG), which was exporting natural gas from Egypt to Israel, is paying off its US$ 156 million debt due to the National Bank of Egypt (NBE) on a regular basis, sources said.

Sources told Amwal Al Ghad that the Company paid off 50% of its half-yearly installment amounting to US$ 30 million and asked to postpone the payment of the rest of the installment until it reaches an agreement with the Egyptian Natural Gas Holding Company (EGAS) which terminated its contract for default in payment of the monthly installments for months, sources added.

The East Mediterranean Gas Company owes with EGP 879 million to EGAS. The National Bank of Egypt affirmed that EMG is paying off its debt regularly till now.