Transparency is one of the core pillars of our Corporate Governance framework. We believe that the more transparent we are, the more confidence our stakeholders will have in management, thereby helping to bolster the investment climate. We strive to deliver timely and accurate materials concerning the Company’s performance and activity to ensure stakeholders have access to clear, factual information that accurately represents the Company’s position.

In that regard, the following table outlines the concession agreements for our operating assets in Egypt:

We are also committed to responsibly complying with tax laws and to having honest and clear relationships with tax authorities everywhere we do business.

Type of Payment 2015 2016 2017
Royalties Nil Nil Nil
Bonus Payments USD 200,000
USD 200,000
USD 200,000
License Payments and Fees
(other than routine nominal administrative fees)
Nil USD 1,000,000 Nil
Profits/Dividends Paid to Government Nil Nil Nil
Profits/Income Tax EGP 132,500,000 EGP 225,129,139 EGP 582,103,304
Value of Profit Oil Delivered to Government USD 176,106,407 USD 154,394,961 USD 304,635,641
Other Fiscal Benefits to Government Nil Nil Nil