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Egypt’s EGPC repays $21bn debts in FY14/15 – Official

Egypt’s EGPC repays $21bn debts in FY14/15 – Official
Photo Credit: Arabianeye-Reuters

Cairo - Mubasher: The Egyptian General Petroleum Corporation (EGPC) repaid $21 billion in the fiscal year 2014/15, said Chairman Tariq al-Mulla.   

The amount represents the value of the foreign partners' stake, credit facilities and financial obligations owed to banks and petroleum products suppliers, as well as arrears  to foreign companies operating in Egypt.

Earlier, Sherif Ismail, outgoing minister of petroleum stated that Egypt repaid $3.3 billion to the foreign partners, thus bringing the total accumulated arrears to $3 billion until September 2015.