The Ministry of Petroleum announced on Thursday in a statement that Egypt has paid $1.5 billion of its debt to foreign energy companies.
Thus, the country's remaining debt to foreign energy firms decreased to $4.9 billion after this latest payment, which was financed by a loan from Egyptian banks, according to the statement.
"The government aims to reduce the debt owed to partners in the oil sector to an appropriate level to motivate them to intensify research and exploration," said Oil Minister Sherif Ismail.
Egypt's last payment to foreign energy companies was $1.5 billion made at the end of last December to oil majors including BP and BG Group. At the time, BG Group was owed the most. It is unclear which companies will benefit from today's payment.
Thus, the country's remaining debt to foreign energy firms decreased to $4.9 billion after this latest payment, which was financed by a loan from Egyptian banks, according to the statement.
"The government aims to reduce the debt owed to partners in the oil sector to an appropriate level to motivate them to intensify research and exploration," said Oil Minister Sherif Ismail.
Egypt's last payment to foreign energy companies was $1.5 billion made at the end of last December to oil majors including BP and BG Group. At the time, BG Group was owed the most. It is unclear which companies will benefit from today's payment.
Source:
Mubasher
