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Egypt cuts arrears to foreign oil firms to $900m at end-June

Egypt cuts arrears to foreign oil firms to $900m at end-June
Egypt owed foreign oil firms $2.4 billion in June 2017

Cairo – Mubasher: Egypt’s arrears to foreign oil companies retreated to $900 million at the end of June, compared to $1.2 billion a year earlier, the country’s petroleum minister Tarek El-Molla told Reuters.

The petroleum ministry seeks to pay the remaining amount in the near future, El-Molla added.

In June 2017, Egypt owed foreign oil firms $2.4 billion, which dropped to $1.048 million in December.

After January 2011, the North African nation’s arrears to foreign oil companies accumulated, registering $6.3 billion in fiscal year 2011/2012.

However, these arrears have steadily decreased since 2014 as part Egypt’s efforts to become a regional energy hub.