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TransGlobe Energy Corporation Message Board

  • gene_genome gene_genome Feb 21, 2013 10:41 AM Flag

    Egypt Plans to Pay Foreign Oil Firms Partially in Pounds..

    By Ola Galal - Feb 19, 2013 3:26 AM ET

    Egypt plans to repay a quarter of its about $9 billion debt to foreign oil companies in Egyptian pounds, the independent El-Watan newspaper reported, citing Industry and Foreign Trade Minister Hatem Saleh.
    The remainder would be paid in installments over the coming period, it quoted him as saying without providing further details. Bloomberg..Comments?..

    Sentiment: Hold

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • So, what's the bottom line?
      How does "planned" payment in Egyptian pounds affect earnings at TGA? Can they use the pounds to pay workers, etc.?
      It seems that if Egypt screws oil exploration companies, they will be killing their golden goose - that is, a major revenue source.

      Sentiment: Buy

 
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