SDX to Pay for Services in EGP

Thursday, January 5, 2017

Sea Dragon Energy (SDX) has reached an agreement with its suppliers and contractors in Egypt which will allow the firm to pay for services in EGP instead of USD. The services will be paid for based on official exchange rates, according to a report in Al Mal News.

A number of firms have started negotiating to pay in EGP, despite original terms that state payments are to be made in USD.

The acceptance of EGP for payment lessens the time it takes to receive payments, otherwise the contracting and service firms are waiting to get paid by EGPC, instead of the actual E&P firms.

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