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Egypt to pay 50% of oil companies debt within weeks - Agency

Egypt to pay 50% of oil companies debt within weeks - Agency
Photo Credit: Arabianeye-Reuters

Cairo - Mubasher: The Egyptian minister of petroleum and mineral resources, Tarek El-Molla, said on Wednesday that Egypt is expecting to lower delayed payments for foreign companies by 50%, totalling $3.5 billion in the upcoming weeks.

“We have made a lot of progress on paying off arrears,” El-Molla said at an oil and gas conference, as reported by Reuters.

Egypt is also expecting to finalise an agreement to import 1 million barrels of crude oil per month from Iraq within a month, the minister added.

El-Molla indicated that Egypt will achieve self-sufficiency in oil and gas by the end of 2018, with exporting expected to begin in 2019.