"Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble.
It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion.
The magnitude of EGPC’s debts is such that it would be rare to find an oil company in Egypt which is not owed money. The growing debt pile highlights the government’s struggle to meet its rising energy bills while trying to keep subsidised prices to avoid public unrest."
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