Petroleum Africa
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Monday, January 12, 2015
Circle Oil was among one of the companies operating in Egypt that received a payment on arrears owed to the company by the government. Circle reported that it received $15 million from the government as part of a recent special payment distribution plan by the Egyptian government to oil companies operating in the North African country.
The company said the $15 million payment resulted in a significant reduction in the outstanding debt owed to Circle.
Prof. Chris Green, CEO of Circle Oil said, “We are delighted to have received this special payment which, both for Circle and in the larger industry context, should be seen as a very positive step. We thank the Egyptian Government and look forward to continuing to further develop Circle’s position in Egypt.”
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