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Egypt gives IOCs hope despite major challenges

Despite the major operational challenges they face, international oil and gas companies (IOCs) with interests in Egypt have some cause for comfort

It is not simply that the Egyptian authorities have promised that by 2017 it will have fully serviced arrears, totalling an estimated $6 billion, owed to energy investors. Government efforts to boost state coffers without recourse to aid from the Gulf are also a cause for optimism.  In a dramatic move to partially fix Egypt’s much criticised subsidies programme, the authorities increased petrol prices by between 40% and 80% (depending on the grade of fuel) in early July. Energy subsidies have conventionally accounted for one-fifth of all state spending in Egypt.  Debt reduction Higher taxes on cigarettes and alcohol, combined with plans to phase in electricity price rises, should likewise

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