Egypt’s debts to foreign oil companies operating in the country fell to $5.9 billion by the end of June, from $6.1 billion at the end of May, said Tarek El Molla, chairman of Egyptian General Petroleum Corp.
This means Egypt reduced its debts to foreign oil firms by $200 million.
El Molla told Reuters in a phone interview the fall in debts to the presence of surplus payable to EGPC from the foreign partners’ redemption cots.
Arrears to foreign oil firms in Egypt reached $5.7bn by the end of March.
Egypt has delayed payments to oil and gas firms as its economy has been hammered by almost three years of instability since a popular uprising ousted autocrat Hosni Mubarak in 2011. Some of the debts were incurred before the revolt.
Egypt paid back $1.5 billion at the end of last year, a signal that the government is trying to get firms investing again in extraction and exploration, badly needed to help address a severe energy crunch.
This means Egypt reduced its debts to foreign oil firms by $200 million.
El Molla told Reuters in a phone interview the fall in debts to the presence of surplus payable to EGPC from the foreign partners’ redemption cots.
Arrears to foreign oil firms in Egypt reached $5.7bn by the end of March.
Egypt has delayed payments to oil and gas firms as its economy has been hammered by almost three years of instability since a popular uprising ousted autocrat Hosni Mubarak in 2011. Some of the debts were incurred before the revolt.
Egypt paid back $1.5 billion at the end of last year, a signal that the government is trying to get firms investing again in extraction and exploration, badly needed to help address a severe energy crunch.
Source:
Mubasher
